Why Are Bitcoin And Other Cryptocurrencies Trading Down?
The latest decline for bitcoin came after the cryptocurrency’s largest institutional holder, billionaire Michael Saylor’s Strategy, announced it would sell 32 bitcoins to raise about $2.5 million. That’s the second such sale from Strategy and its first since December 2022, appearing to spark broader pessimism across the crypto market.
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Big Number
$91.6 billion. That was Cardano’s all-time market value, set in August 2021, when the token ranked as the third-largest cryptocurrency behind bitcoin and ethereum. Cardano has a market capitalization of just $7.7 billion as of Wednesday, ranking the 13th-largest cryptocurrency.
Surprising Fact
About 67% of Cardano’s supply is controlled by holders with at least 1 million tokens, according to the crypto analysis firm Santiment.
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Key Background
Cardano was among the cryptocurrencies that rode a surge in market demand after the pandemic, though the token has fallen since its 2021 peak. Even as it rallied, competition intensified among other larger cryptocurrencies, including ethereum, the world’s second-largest cryptocurrency, lowering demand for Cardano. It benefited from another brief surge in late 2024 and early 2025 as the Trump administration pushed pro-crypto legislation and as President Donald Trump called for the U.S. to become the “crypto capital of the world,” but the token steadily declined after hitting a peak of $1.21 in December 2024.
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Further Reading
ForbesBitcoin Falls Below $70,000 For The First Time Since AprilBy Siladitya Ray