yolowire.com - The price of Cardano (CRYPTO: ADA) declined 11% on June 18 as sentiment towards Cryptocurrencies turns increasingly bearish.
Cardano is currently trading at $0.39 U.S. per token, having bounced off a bottom of $0.37 U.S. in overnight trading.
The 11% decline on June 18 was the biggest one-day percentage loss for Cardano since April 13 of this year, which is when the Bitcoin (CRYPTO: BTC) halving event occurred.
Over the last week, Cardano’s price has decreased by nearly 15%, lowering its market capitalization to $13.86 billion U.S.
At its peak in September 2021, Cardano's price stood at $3.10 U.S. per token and its market cap was $94 billion U.S.
The latest drop in Cardano’s price comes as sentiment turns increasingly negative across the cryptocurrency sector.
Bitcoin’s price is at $65,000 U.S., down from more than $70,000 U.S. at the start of June. Some analysts are forecasting that the price could fall as low as $60,000 U.S.
At the same time, Ethereum (CRYPTO: ETH) has declined 5% over the past 24 hours to trade at $3,545 U.S.