Cardano (ADA) Plunges Over 10% in Largest Daily Drop Since June

Cardano's native token, ADA, experienced a significant sell-off on Sunday, plunging more than 10% in its largest single-day percentage drop in over two months. The decline pushed the cryptocurrency's price to its lowest point of the session and erased a portion of its recent weekly gains.

Sharp Sunday Decline

According to data from the Investing.com Index, ADA was trading at $0.2190 as of 11:39 AM (03:39 GMT), representing a decrease of 10.33% for the day. The move marked the most substantial daily loss for the digital asset since June 5.

The sharp downward pressure caused Cardano's market capitalization to fall to $8.08 billion, or approximately 0.31% of the total cryptocurrency market value. During the preceding 24-hour period, ADA traded within a range of $0.2189 to $0.2293.

Weekly Context and All-Time High

Despite the day's steep losses, the token remains up significantly over a seven-day period, posting a gain of 24.37%. Over the past week, Cardano has traded between $0.1715 and $0.2580.

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However, the recent price action leaves the cryptocurrency approximately 92.93% below its all-time high of $3.10, a peak it reached on September 2, 2021. The token's peak market capitalization was previously recorded at $94.8 billion.

Broader Market Downturn

The sell-off in ADA occurred amid a broader retreat in the digital asset market. Other major cryptocurrencies also posted losses, according to Investing.com data:

• Bitcoin (BTC) fell 1.89% to trade at $76,923.8.
• Ethereum (ETH) was down 4.15%, trading at $2,410.71.

The downturn highlights interconnected volatility across the crypto space, where negative sentiment affecting major assets can often cascade to altcoins like Cardano.