Last week, Cardano (ADA) cryptocurrency lost more than 12% value due to the general market downturn. While other major altcoins experienced similar losses, the downturn in ADA is attributed to Grayscale Digital Large Cap Fund (GDLC) selling off its ADA assets. In an effort to balance its portfolio, GDLC sold approximately 1.6% of all its assets in Cardano on April 4th. Following the weak performance in March, the beginning of April also proved to be negative, and on-chain data suggests that ADA’s downward trend may continue.
Why Cardano (ADA) Is Falling
The decline in ADA is particularly associated with GDLC’s portfolio reshuffling. Investors are concerned about the current situation, and there is also a decrease in the activity of Cardano whales active in the market.
Cardano Whales Less Active
Cryptocurrency analyst Ali Martinez notes a decrease in the market activity of Cardano whales. The buying and selling activities of whales in the market often have a significant impact on prices, and the decrease in large transactions in ADA can contribute to the price drop.
What to Expect for ADA Coin?
Cardano showed good performance earlier in the year, reaching $0.8, but like Bitcoin, it also declined in value. ADA is currently around $0.58, requiring investors and whales to closely monitor their activities for future price movements.
Useful Information for the Reader
The decline in Cardano’s value is noted to be more than 12%; investors should be cautious of such market movements.
The selling of ADA assets by GDLC has had an impact on the price decline; portfolio diversification is important.
A decrease in whale activities may have a negative impact on ADA price; investors should monitor such data.
The impact of Bitcoin’s price movements on ADA is significant; BTC’s direction can also determine the future of ADA.
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