Cardano Rises 6% Against Bitcoin Despite Broad Market Selloff
Cardano’s ADA is up nearly 6% against Bitcoin despite the broad market sell-off over the past 24 hours, according to CryptoSlate’s data.
The ADA/BTC spot pair on Binance increased by 0.00000087 during the reporting period to as high as 0.00001571. However, it has returned to 0.00001562 at the time of writing.
Interestingly, the ADA token also rose 7% to 0.0002207 against Ethereum (ETH), according to CryptoSlate’s data.
Cardano’s improved performance against Bitcoin and Ethereum coincided with the total value of assets locked in the network’s decentralized financial ecosystem reaching a new all-time high regarding ADA tokens.
ADA’s market dominance is increasing
Cardano’s ADA market dominance has also risen during the reporting period by 2.17% to 1.21, according to tradingview data.
Market dominance is used to measure the relationship between the market value of an asset and the rest of the cryptocurrency market.
ADA’s market dominance had fallen to its early January level of 1.15 before returning to its current status as the digital asset gained ground against the top two digital assets.
Cardano’s ADA is the seventh largest digital asset with a market value of $10.8 billion, according to CryptoSlate’s data.
ADA’s USD value is down 3%
Meanwhile, when denominated in US dollars, ADA’s value has fallen by 2.1% and is trading at $0.31561 at press time, according to CryptoSlate’s data.
ADA’s USD value reflects the broader crypto market’s negative performance over the past 24 hours. The industry witnessed a significant selloff that removed approximately $78 billion from crypto’s market cap.
Rival digital assets such as Bitcoin fell below $20,000 while Ethereum fell more than 10% to $1,387. During the period, the market liquidated over $400 million from traders who held long positions in the cryptocurrencies, according to Coinglass data.
Meanwhile, most Cardano investors are holding the token at a loss, according to IntoTheBlock data.
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