Recent developments in the crypto market have impacted Cardano (ADA), leaving investors confused after a sharp price drop.
Liquidation of Long Positions
According to CoinGlass data, long position traders lost $1,120,000 following the recent price decline of Cardano. Investors were betting on continued upward momentum, but unexpected market fluctuations led to significant losses.
Current Prices and Trading Volume
As of press time, the price of Cardano stood at $0.7888, which is a 0.55% decline over the past 24 hours. This price is a result of a drop from an intraday high of $0.8322. Despite this, trading volume is at $1.2 billion, showing a slight increase of 0.82% during the same period.
Optimism from Cardano's Founder
Despite the recent setbacks, Cardano founder Charles Hoskinson remains optimistic about the project's future. He stated that the 'glacier drop' will serve as a catalyst for new user adoption. Hoskinson emphasizes that Cardano's growth is happening organically without reliance on traditional marketing.
The cryptocurrency market remains uncertain; however, hopes for a recovery in Cardano remain alive, fueled by the project's leadership's optimism.
