The Cardano (ADA) Bites The Dust In Today's Onslaught

Today happens to be a terrifying day for cryptocurrency traders with a significant decline in the values of almost all crypto coins.

So much so the whole value of the crypto market has fallen 15% or US$56.2 billion since this time yesterday to US$316.2 billion according to Coin Market Cap.

While the bitcoin (BTC) price will take all the headers with its 13.5% decline to US$7,947.96 per coin, it isn’t by any means the worst performer among the elite coins.

The cryptocurrency that wears that outcast crown is Cardano (ADA). It has dropped 22% of its value over the last 24 hours to 17.9 U.S. cents. This has diminished the popular altcoin’s market capitalization down to US$4.6 billion.

Which also indicates that Cardano has now plunged a huge 86% since peaking as high as US$1.29 in January. At that point, the altcoin had a market capitalization of approximately US$33.35 billion.

What Caused the Cardano crush today?

As I revealed earlier, the instigator for the crypto sell off today has been news that search engine giant Google will ban all crypto advertising come June. This follows a similar move by Facebook back in January.

This development is presumed to make it harder for cryptocurrencies and crypto exchanges to entice new traders and could weigh massively on sentiment and prices.

The drops have been more substantial at the small side of the market today. Popular smaller coins such as Stellar Lumens (XLM), Dash (DASH) and NEM (XEM) have dipped heavily. The latter, for example, has dropped 32% of its value since this time yesterday.

Most crypto traders appear to believe the coins at the smaller end of the market are likely to suffer most from Google’s advertising ban.

What's next for Cardano?

While Cardano could make a huge come back if the crypto market finds support during European and U.S trades overnight, I feel that carrying out an investment would be incredibly risky and I also think investors should steer clear of all cryptocurrencies at this point and focus on other investment possibilities.

Source:https://www.fool.com.au/2018/03/15/the-cardano-ada-price-has-been-crushed/