- Cardano (ADA) crashes over 11% in the past 24 hours as the crypto market capitulates.
- Byron Reboot update slated to launch in the next two weeks bringing along a number of developments in preparation of Shelley update.
- Can bulls rejuvenate the market and prevent a death spiral towards key support level below $0.0450 USD?
The crypto market is on the edge of a potential market wide bearish reversal that may set the capitalization back below $200 billion USD as Bitcoin (BTC) shortly breached below $9,000 USD in the early trading hours of the U.S market on Wednesday. The sharp decline in BTC’s price is influencing a market wide bloodshed with Cardano (ADA) leading in loses recorded over the past 24 hours amongst top altcoins.
Cardano loses over 11% in a day
The eleventh placed cryptocurrency on the Coinmarketcap charts, plummeted 11.91% in the past 24 hours to trade at $0.0500 USD, as at time of writing. The huge fall in price precedes two consecutive red days, totaling a loss of 19% over the past 72 hours.
The fortunes of ADA quickly took a turn after a successful start to the year whereby the community celebrated the successful launch of the Ouroboros BFT hard fork in January. Now the bulls are struggling to maintain buy momentum, as the price faces a slip below key support level at $0.0450 USD.
If bulls lose this level, then the market faces a death spiral towards lower levels and may undo the huge 50%+ returns gained against so far against the dollar in 2020. Optimistically,