- Cardano drops 3% to $0.69 as ETF delay and weak sentiment weigh on price.
- ADA trading volume falls 17.33% to $841M; daily transactions dip to 36K.
- Tron overtakes Cardano in market cap, rising to $25B vs ADA’s $24.3B.
The price of Cardano has tumbled down by 3% in the last 24 hours which resulted in a decrease to $0.69. The broader market downturn together with the rising uncertainty from the United States Securities and Exchange Commission’s delay in reviewing a proposed spot Cardano ETF has coincided with this decline. ADA’s market performance has continued to weaken amid reduced trading activity and slipping investor confidence.
Cardano Price Drops with Transaction Volume Slipping
Data from CoinMarketCap shows ADA’s daily trading volume has declined by 17.33% to $841 million. Over the last week, Cardano has posted a more significant fall of over 8%, underlining growing concerns among holders and market watchers. The recent downturn also caused Cardano’s market capitalization to fall to $24.3 billion. Consequently, Tron surpassed Cardano in market ranking by taking the ninth position with a capitalization of $25 billion.
Moreover, Cardano’s price action has defied earlier market expectations that predicted a multi-fold rally. The SEC’s impending decision triggered a sudden increase in trading activity which resulted in daily transactions reaching 50,000 up from the usual average of 30,000. The decrease to 36,000 transactions demonstrates reduced user involvement and investment momentum after the sentiment shift due to the delay.
SEC ETF Delay Weighs on Investor Sentiment
The SEC’s postponement of the Grayscale spot Cardano ETF review has played a central role in this price slump. Before the delay, investor optimism had grown, with approval odds peaking at 71%. The market viewed a potential approval as a major bullish signal. The setback from the SEC has now reversed much of that enthusiasm, triggering selloffs and reducing trading activity.
In the days following the delay, some traders opted to lock in profits from ADA’s earlier surge. This wave of profit-taking has further compounded the asset’s decline. Technical indicators have begun pointing to possible extended losses ahead if buyer demand continues to shrink.
Broader Market Correction Deepens the Pressure
The negative trend affecting Cardano has not occurred in isolation. The entire cryptocurrency market has contracted by nearly 1% in the past 24 hours. Major altcoins such as Solana, Dogecoin, and Tron have all posted declines, as investor caution dominates weekend trading.
The combined pressure from the ETF delay and weakening overall market performance has made ADA particularly vulnerable to further downward movement. Traders are watching closely as the asset navigates this challenging period, with hopes pinned on a potential recovery driven by renewed buying interest.
