Cardano rises 6% against Bitcoin despite broad market sell-off

Cardano’s ADA has risen by astir 6% against Bitcoin contempt the wide marketplace sell-off successful the past 24 hours, according to CryptoSlate’s data.

The ADA/BTC spot brace connected Binance increased by 0.00000087 during the reporting play to arsenic precocious arsenic 0.00001571. However, it has retraced to 0.00001562 astatine the clip of writing.

Source: Tradingview

Interestingly, the ADA token besides roseate by 7% to 0.0002207 against Ethereum (ETH), according to CryptoSlate’s data.

Cardano’s improved show against Bitcoin and Ethereum coincided with erstwhile the full worth of assets locked successful the network’s decentralized concern ecosystem reached a new all-time high regarding ADA tokens.

ADA’s marketplace dominance rises

Cardano’s ADA marketplace dominance has besides risen during the reporting play by 2.17% to 1.21, according to tradingview data.

Source: Tradingview

Market dominance is utilized to measurement the ratio betwixt the marketplace headdress of an plus to the remainder of the cryptocurrency market.

ADA’s marketplace dominance had fallen to its aboriginal January level of 1.15 earlier rebounding to its existent presumption arsenic the integer plus gained crushed against the apical 2 integer assets.

Cardano’s ADA is the seventh largest integer plus with a marketplace headdress of $10.8 billion, according to CryptoSlate’s data.

ADA’s USD worth is 3% down

Meanwhile, erstwhile ADA’s worth is denominated successful US Dollars, it has fallen by 2.1% and is trading for $0.31561 arsenic of property time, according to CryptoSlate’s data.

Source: Tradingview

ADA’s USD worth reflects the broader crypto market’s antagonistic show implicit the past 24 hours. The manufacture witnessed a important sell-off that wiped off astir $78 cardinal from crypto’s marketplace cap.

Rival integer assets similar Bitcoin tanked beneath $20,000 portion Ethereum fell much than 10% to $1,387. During the period, the marketplace liquidated implicit $400 cardinal from traders who held agelong positions successful the cryptocurrencies, according to Coinglass data.

Meanwhile, astir Cardano investors are holding the token astatine a loss, according to IntoTheBlock data.

The station Cardano rises 6% against Bitcoin contempt wide marketplace sell-off appeared archetypal connected CryptoSlate.