Cardano (ADA) Tumbles 9% as Crypto Suffers Another Red Day: Market Watch

The cryptocurrency market went through another red day, losing around $12 billion of its total capitalization. This comes as Bitcoin is struggling to maintain its price above $19,000 while major altcoins are falling.

The general mood is also very gloomy, with indicators flashing signs of extreme fear for a few days in a row.

Bitcoin price struggles around $19,000

BTC price is currently trading just around the $19,000 level and it is having a hard time staying above it.

img1_btc_price_chart_13101
Source: Binance via TradingView

The cryptocurrency is down 0.6% over the past 24 hours but is down a much steeper 5.8% over the past seven days, underscoring the uncertain state of the entire market.

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BTC failed to generate any significant movement over the past day and this particular stagnation trending down is a very specific sign of the bear market. However, Bitcoin’s dominance — the metric that measures its share relative to that of the overall market — is up 0.5% over the past day, marking a notable change.

This means that altcoins have lost ground over this period.

Cardano (ADA) crashes 9%

Cardano is down a little less than 9% at the time of writing. Most altcoins are colored red, with XRP also seeing a significant loss of around 7%.

img1_cryptocurrency_heatmap
Source: Quantify Crypto

Other major cryptocurrencies like Solana, Dogecoin, Polkadot, etc. are down around 5%. The worst performer of the day is Klaytn’s KLAY token, down 14%, followed by LDO, down 10.6%.

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On the other hand, Huobi Token (HT) is the cryptocurrency that is up over 9% in the last 24 hours.

Broader market sentiment remains overly negative and in a state of “extreme fear”.

ìmg1_fearandgreed
Source: Alternative.me

This prevailing fearful sentiment has persisted for a few days at a time, and while it hasn’t worsened, the fact that it’s not getting better is also a clear sign of the ongoing crypto winter.

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TradingView cryptocurrency charts.

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