The Cardano price posted a lonely advance on Monday, as the wider cryptocurrency markets slouched into an early-week slump and the Bitcoin price sunk below $8,000.
Altogether, the cryptocurrency market cap shed about $13 billion, declining to $322 billion from $335 billion on Sunday for a single-day decline of 3.9 percent.
The Bitcoin price set the tone for the day, and that tone had not initially sounded quite so sour.
On Sunday, Bitcoin roared into the new week with a dramatic run to $8,400, a mark it traded near until Monday morning when a rapid sell-off drove the Bitcoin price down to $7,900.
At present, Bitcoin is priced at $7,973 on Bitfinex, representing a 24-hour decline of just under four percent. Bitcoin now has a $135.6 billion market cap.
The Ethereum price charted a similar course, and it peaked as high as $537 before tumbling back below the $500 barrier. At present, Ethereum is holding just above that mark on Bitfinex, where ETH/USD is trading at $503. Ethereum currently has a $49.9 billion market cap, a single-day decline of four percent.
The altcoin markets generally tracked the index, and nine of the 10 largest cryptocurrencies declined between three and five percent against the US dollar.
Ripple, Bitcoin Cash, and Litecoin each declined by three percent, reducing their prices to respective values of $0.64, $755, and $126.
EOS, ranked sixth, saw a five percent decline to $7.99. This decline was worst among top 10-coins, likely due to the fact that the blockchain snapshot for the eosDAC airdrop occurred on April 15, eliminating what had been an important source of buy pressure over the past week.
Cardano, on the other hand, surged by seven percent to become the only top 10-cryptocurrency to rise against the dollar. At present, the Cardano price is $0.23 on Binance.
Cardano’s outperformance appears to be linked to the announcement that its ADA token will be listed on Huobi, which currently ranks as the world’s second-largest cryptocurrency exchange with $1.2 billion in daily trading volume.
Stellar and IOTA each declined about four percent for the day, while NEO’s five percent pullback rounded out the top 10.
Last modified: May 20, 2020 8:52 PM