ADA (Cardano) has fallen 7.64% in the last 24 hours.

Gate News Bot news, on November 4th, according to CoinMarketCap data, as of the time of writing, ADA (Cardano) is currently priced at $0.53, down 7.64% in the last 24 hours, with a high of $0.67 and a low of $0.53. The current market capitalization is approximately $19.162 billion, a decrease of $1.586 billion compared to yesterday.

Cardano is a blockchain platform developed based on peer-reviewed research, aimed at providing the necessary tools and technology for changemakers, innovators, and visionaries to create possibilities for the masses and bring about positive global change. Cardano utilizes a proof-of-stake mechanism and the Ouroboros protocol, being the first blockchain platform developed through peer-reviewed research and evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability for decentralized applications, systems, and societies.

Important news about ADA recently:

1️⃣ The impact of BitcoinOS presale on the Cardano ecosystem is limited The BitcoinOS (BOS) token presale event will end on October 22, and participants can use their Cardano (CNT) addresses to receive tokens. This highlights the status of the Cardano network in emerging projects, but it has not effectively boosted the price performance of ADA in the short term. Although this event has increased the visibility of Cardano, it has not yet translated into substantial price support.

2️⃣ Cross-chain compatibility expansion failed to stop the fall trend The BOS pre-sale simultaneously supports ETH (ERC-20) and Cardano (CNT) addresses, indicating that Cardano is actively strengthening interoperability with other mainstream blockchains. This development of cross-chain compatibility is expected to increase the utility and market demand for ADA, but the current market response has been relatively tepid, failing to prevent the continued fall in ADA prices.

3️⃣ The demand for non-custodial wallets rises while price performance is disconnected As the demand for non-custodial solutions increases, Cardano's native wallet and DeFi ecosystem should benefit. However, this trend has not yet translated into upward momentum for the ADA price, suggesting that the market may be influenced by broader macro factors.

From a technical perspective, the price of ADA has experienced a significant fall over the past week. It further dropped from $0.57 on November 3 to $0.53 on November 4, with a cumulative decline of over 7%. This ongoing downward trend indicates concerns in the market regarding Cardano's short-term outlook, possibly influenced by the overall bearish sentiment in the cryptocurrency market. Nevertheless, ADA remains in the 10th position in the global cryptocurrency market capitalization rankings, demonstrating that its fundamentals still have a certain level of resilience.

This message is not intended as investment advice; investors should be aware of market volatility risks.