What Next for ADA Amid the Crypto Sell-Off?
The Cardano price has retreated after having a remarkable rally last week. ADA has dropped to $2.1697 amid the ongoing sell-off of cryptocurrencies. It has a market cap of more than $67 billion, making it the sixth-largest digital currency in the world.
What happened: The Cardano price rallied last week as investors looked for a better alternative to Bitcoin after Tesla decided to abandon Bitcoin. Social media users in platforms like Twitter and Reddit promoted the currency as a viable alternative because of its proof-of-stake technology.
There are several reasons why ADA is falling today. First, the decline is because of the overall sell-off in Bitcoin and other altcoins. Indeed, looking at CoinMarketCap shows that most cryptocurrencies are in the red. Second, ADA has fallen because of profit-taking as investors bank-in their recent gains.