Cardano, Avalanche and Solana price plunge: What’s behind Layer-1 protocol market rout?
By Alara Jordan
11:26, 13 October 2022
Several popular altcoins including Cardano and Solana witnessed a significant drop in price as the wider crypto market also experienced a bearish sentiment.
Cardano (ADA) dropped to as low as 0.3517 on Thursday October 13, before climbing back to $0.3828 at 11:30am BST (+1UTC) on Friday 14th, still down 9% from four days earlier. The eighth-largest cryptocurrency by market cap, ADA started the year trading at $1.31 and has witnessed a steady decline in price since, trading in the red for much of 2022.
Solana’s price also declined in tandem with several major Layer-1 coins. SOL has been trading between $31 and $34 for much of the last month, and witnessed a short-term price increase on 13 September. SOL dipped to $28.85 on Thirsday 13, down 7.8% on the previous 24 hours, according to CoinMarketCap, but recovered slightly to $31.46 but late Friday morning.
SOL to USD
Wider market influence
The wider crypto market also slid on 13 October with several of the biggest cryptocurrencies trading in the red. BTC, the largest cryptocurrency by trading volume, dipped below the $19,000 threshold amid the ongoing macroeconomic uncertainty.
Several analysts suspect volatilty on Wall Street and the FTSE 100 could be correlated to the wider crypto market downfall and the decline of several major Layer-1 protocols.
A week ago on 6 October, BTC was trading above $20,000 and even reached a high of $20,354. At the time of writing, BTC is currently trading at $18,780 and is down 1.83% in the last 24 hours.
ETH too fell below the $1,300 threshold with the second largest cryptocurrency down 3.82% in the last 24 hours. Avalanche is also down considerably, currently trading at around $15.08 after holding steady between the $16-17 mark.
ADA to USD
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