ADA sinks below $1.00 after market sell-off knocks off accrued gains

ADA sinks below $1.00 after market sell-off knocks off accrued gains

By Sam Grant - min read

Cardano's native token ADA is currently trading over 66% below its all-time high set five months ago

The recent market slump that started during Friday's morning session has taken a huge chunk out of the cryptocurrency sector's circulating value.

Bitcoin, Ethereum and Binance Coin down more than 5% on the day

Bitcoin (BTC) plunged below $38k on Friday before seeing more dips and dropping below $35k. Down approximately 6.4% in the last 24 hours, it is now trading at $33,653.05 as per data from coinmarkecap.

Ethereum (ETH) price, which broke above $3,200 on Thursday's trading session, is down 27.54% over the last seven days. The second-largest crypto-asset sunk below the $2,400 critical level on Saturday, bottoming around $2,330. On the day, the token has lost 11.21% and is changing hands at $2,243.60.

Binance Coin (BNB), on the other hand, has dipped around 11.21% and is now trading at $343.45. The current price level is slightly over half its record high ($690.95) set last May. The last time the coin dropped this low was at the end of September.

Cardano, Polkadot, and Solana have also posted double-digit losses

Solana's native token SOL is the biggest loser among the top ten cryptocurrencies by market capital. It sunk below $90 on Saturday before charting a recovery path towards $100. However, the comeback was short-lived as the market posted bigger red candles. It has dropped 18.85% in the last 24 hours, and the 7-day trading chart shows it has shed over 40% to $83.65.

Cardano's ADA is struggling to stay above $1.00 after plunging below this key level for the first time since the third week of July. The coin is now trading at $0.98, with daily and weekly charts showing losses of 13.81% and 36.25%, respectively.

Polkadot (DOT) price is currently about 70% below its November highs. DOT sunk to a multi-month low of $16.53 on Saturday as the crypto market dump worsened. It is now trading below this level at $16.35 – its lowest since end of July 2021.

The majority of altcoin holders are 'under the water'

Data from crypto analytics and insight platform IntotheBlock shows that only a few holders of alts are 'in the money' on account of the recent market crash.

The analytics site compared the average purchase value of the coins and the current price of the tokens to determine the position of traders. Traders whose average purchase value eclipses the current price figure are essentially making losses and, as such, are considered 'out of money.' The opposite is true for those 'in the money.'

According to IntoTheBlock, only 9.55% of ADA holders are in the green. This figure is 7.08% for MATIC holders, while only 4.14% of FTM holders are still in the money.