• The crypto market saw a decline, resulting in Cardano (ADA) hitting a two-year low of $0.24.
• ADA has since recovered about one-third of its lost value, now trading around $0.2687.
• Cardano is witnessing increased whale accumulation of its native token, ADA.
The crypto market has gone through a turbulent period over the past few months. Following the overall decline, Cardano (ADA) recorded a two-year low. The coin fell to $0.24 through a four-week bearish impact. ADA lost over 25% of its value through its fall in December 2022.
Volatility is one of the major attributes of the crypto industry. At times, the price action of crypto assets is the main attractive aspect for traders and Investors as they can reap massive rewards when there is high volatility.
Fortunately, Cardano’s token is gradually staging a rebound this January. ADA has impressively reclaimed about a third of its lost value at the beginning of this year. At the time of writing, ADA is trading around $0.2687, indicating an increase over the past 24 hours. ADA price is spiking after a significant plunge the previous year.
Currently, ADA boasts a market cap of about $9.123 billion and a market dominance of about 1.11%. As per CoinMarketcap ranking, ADA is now rated in the 9th position of top crypto assets in capitalization. If ADA continues to stay in recovery mode and jumps above the $0.30 mark, it might replace Dogecoin taking the eighth top spot by market capitalization. Investors that bought ADA at the support level of $0.24 are minting profits, adding more pressure on the resistance at $0.27.
Cardano is also witnessing more whale accumulation of its native token, ADA. Data from WhaleStats shows that huge holders of BNB tokens are now massively purchasing ADA. This, in turn, is helping the coin to stay in the recovery mode and reach higher levels.
In spite of this, the crypto market is still quite unpredictable. Although Cardano has successfully recovered some of its lost value, it is important for investors to be cautious and not get carried away by the short-term surge. It is always advisable to diversify portfolios and not invest more than one can afford to lose.