Cardano’s ADA market capitalization dropped by over $3 billion as of Dec 8 due to high volatility despite notable developments in its network.
The sixth-most valuable crypto saw its market capitalization eroded from $48.85 billion to $45.53 billion in the past 24 hours.
The token is now trading at $1.35 after shedding off 7.31% in the past day and is down 14.95% in the past week.
The bearish momentum comes despite Cardano reaching a one million holder mark and recording major infrastructure developments. Cardano now enables developers to create Decentralized applications.
The protocol has seen an influx of users since the launch of its decentralized exchange that features lower transaction charges, unlike the Ethereum ecosystem.
Cardano is reportedly expected to reach $2.40 at the close of the month despite the plunge and bearish market sentiment that saw a most token dip.