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Cardano (ADA) Faces 94% Liquidation Imbalance as Price Falls
The past few days have been tumultuous for the cryptocurrency market, with Binance exchanges experiencing a significant number of liquidations. In fact, $144.8 million in losses were seen on Tuesday alone. The impact is being felt across various cryptocurrencies, including Cardano (ADA), which has taken a hit.
According to recent data, ADA’s price outlook has become increasingly uncertain as the market experiences a severe correction. The cryptocurrency has been trading steadily over the past few months, with its price hitting the $1 mark. However, that momentum has seemingly come to an end, at least for now.
The sudden and drastic changes in the market have left traders reassessing their positions. Data suggests that 94% of leveraged positions held by ADA investors have been liquidated, resulting in significant losses. As a result, the coin’s price has plummeted by over 7.3%, settling at $0.819.
It is essential to note that this drastic decline in ADA’s value has led to a drop in trading volume. The cryptocurrency’s 24-hour trading volume has decreased by 11.5% to $2.6 billion, implying that investor interest is waning rapidly.
Cardano’s current position has also seen it slide behind Dogecoin (DOGE) and take the ninth spot on the list of largest cryptocurrencies by market capitalization.
Source: https://u.today/cardano-ada-faces-94-liquidation-imbalance-as-price-falls
