Home / Archive / Cardano Price Leads Lonely Advance as Bitcoin Retreats Below $8,000
2 min read

Cardano Price Leads Lonely Advance as Bitcoin Retreats Below $8,000

Last Updated March 4, 2021 5:06 PM
Josiah Wilmoth
Last Updated March 4, 2021 5:06 PM

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.

cardano price
Source: CoinMarketCap

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.

Bitcoin Price Sinks Back Below $8,000 after Raid Sell-Off

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.

bitcoin price
Bitcoin Price Chart

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.

Ethereum Price Struggles to Hold Above $500

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.

ethereum price
Ethereum Price Chart

Altcoin Markets Turn Red, But Cardano Price Achieves Solo Advance

The altcoin markets generally tracked the index, and nine of the 10 largest cryptocurrencies declined between three and five percent against the US dollar.

cardano price
Source: CoinMarketCap

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 price
Cardano Price Chart

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.