Home Finance Cardano (ADA) Price Dropped Massively – Why Is Cardano (ADA) Declining?

Cardano (ADA) Price Dropped Massively – Why Is Cardano (ADA) Declining?

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Unquestionably, yesterday was an unfavorable day for the cryptocurrencies market characterized by notable drops for approximately any crypto coin on the market. The same trending is also valid for today as almost all cryptos are red. However, Cardano (ADA) price dropped massively and is not showing any sign of recovery.

In the last 24 hours, the whole cryptocurrencies market has declined by 15% which, in USD, can be translated as a $56 billion drop in the total cryptocurrencies market cap. As we speak, the total cryptocurrencies market cap is at $316.2 billion.

The Cardano (ADA) Price Dropped Massively

At the moment of this article, Cardano (ADA) and Stellar (XLM) are leading the top ten crypto coins by loss rates with -20.77% for Cardano (ADA) and -21.23% for Stellar (XLM), in the last 24 hours.

At this moment, Cardano (ADA) is trading at $0.179 after it closed yesterday $0.199.

According to the new losses Cardano (ADA) registered, the crypto past over the 80% loss we’ve written about here, reaching to an 86% drop since January, when the ADA peaked at $1.29.

Why Is Cardano (ADA) declining?

As we’ve already learned, the main reason for today’s cryptocurrencies market fall is the news that Google will ban the cryptocurrencies ads on its networks starting with June (read more about it here).

The Google measure will hit the crypto coins hard because since June it will be very difficult for the cryptos to attract new investors and this fact will reflect in the cryptocurrencies prices and on the trading sentiments.

Market specialists and traders consider that popular small coins, such as Cardano (ADA), Stellar (XLM), NEM (XEM), and so on, will be heavily affected by the Google’s decision.

What’s next for Cardano (ADA)?

If Cardano (ADA) will gain support from traders later today, the crypto might recover slightly.

However, it is very risky to invest in Cardano (ADA) right now because the coin can go downer. Besides, analysts and experienced investors advise traders to drop of trading cryptocurrencies and redirect towards other investments.

In conclusion, Cardano (ADA) price dropped massively and, unless it gains support, it will plunge deeper.