Cardano in Decline as Crypto Market Goes Bearish

The Cardano (ADA) token is down 3.82% to $0.6363 (ADA/USD) after Bitcoin fell 2.26% on Wednesday.

Bitcoin (BTC) is still in decline after surging ahead of $70,000 and then suddenly dropping. It has now fallen below that level and is at $68,569 (BTC/USD).

Only a couple of the top cryptocurrencies are gaining today, as Bitcoin’s bearish trend has pulled down the rest of the market. As long as Bitcoin stays in decline, so too will most of the other coins, including Cardano.

Cardano surged as high as $0.6826 on Tuesday, when Bitcoin and the remainder of the cryptocurrency market was high, but it fell later in the day and has continued to fall throughout Wednesday’s trading. The ADA price is far below where it was early on in the month, as it benefited from a bull run that placed it as high as $0.8011. However, the coin is up 3.26% from where it was a month ago.

What we have then is a crypto token that has been up and down over the last few weeks and has not yet lost all of its gains from that period. Even though the market is low right now, Cardano could surge if Bitcoin manages to do well.

What Could Help Cardano

We are expecting Bitcoin to swing upward around its halving, to take place in about 24 days. That should help the rest of the market do well too and keep interest in the crypto market high for at least a few days.

Because Cardano is down right now and is expected to trend upward in the next few weeks, it may be a good time to invest. The coin has shown in the recent past that it can go much higher and that when it does drop it does not lose everything it gained. That bodes well for anyone who might be interested in investing now.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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