Cardano Price : What’s Happening With ADA Today?

Cardano has touched the lowest price point of the month while attempting to recover despite the crypto market fall. It has come as a shock as the community was expecting a pre-halving price rally, but instead, the crypto market has entered a downtrend.

In this blog, let us discuss what’s happening with Cardano and how its performance is in the market.

Cardano Hit By 28,372% Inflow Surge

IntoTheBlock data has revealed an exceptional 28,372% surge in the large Cardano holder’s inflows. The inflow has surged from 45.93 Million ADA to 6.32 Billion ADA in the 24 hours.

The large holder inflows have indicated a surged whale activity where an increased buying activity is noticeable.

The Cardano price has faced a downward push recently, which seems to be the reason behind this increased whale activity, as the whales prefer to buy large quantities on the market corrections.

This increased inflows surged Cardano’s market cap by $1.7 Billion yesterday. Previously, the Cardano was ranked 11th on the CoinmarketCap, but the surge of market cap value from $15.8 Billion to $17.5 Billion has pushed the token to the 10th position.

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In these conditions, usually, the whales start to collect the tokens in their cold wallets, leading to an increased outflow from the centralized exchanges.

Cardano Smart Contracts Soaring To Roof

According to the Fibbold data, the number of Plutus scripts on Cardano has increased by 3% after the start of this month. An addition of 1000 Smart Contracts has happened within this month only. So, the total comes to 41,743 Smart Contracts, including the Plutus V1 and Plutus V2.

According to the April 14th data, Plutus V1 Scripts has 6,470 Smart Contracts after a 0.15% increase, whereas Plutus V2 Scripts has 35,273 after a 3.52% surge.

Market Performance of Cardano

Cardano has also become the victim of the market crash, where its price has been facing a downturn for more than a week. At the moment of writing, Cardano is trading around $0.4588 after a 25% dip within a week and a 36% dip in a month.

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The price fall is also visible in the market capitalization and the ADA’s trading volume. Cardano is ranked 10th on CoinmarketCap with a market capitalization of $16,323,280,042 after a 3% fall. Similarly, the trading volume has faced a dip of 15%, bringing the value down to $710,150,579.

Throughout April, Cardano’s price followed a dip. Its price was around $0.62 on the 1st of April, but today it is $0.4588. This fall came as a big disappointment to the community as Cardano had performed pretty well in the previous month, marking a two-year high of $0.78.

Apart from this price decline and crypto market chaos, the weekly chart of Cardano has hinted at a few signs of a bullish push. As a result of this, the analysts believe in the possibility of recovery in the next few days.

Conclusion

Compared to other Cryptocurrencies, the Cardano token did not succeed much in recovering its gains, even in the most bullish months of 2024. Cardano is almost 85% away from its ATH value and has been struggling around the $0.6 mark for years. Despite that, Cardano is still among the most popular cryptocurrencies and has created many new milestones, fetching the attention of investors.

Read More Bitcoin Halving Is Expected on April 20, 2024; 4 Reasons It Might Be Different

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Pooja Khardia

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.