Crypto Price Today: Cardano (ADA), Solana, Shiba Inu Plummet

The cryptomarket is currently seeing a large selloff due to unfavorable macroeconomic conditions. In the last 24 hours, Bitcoin has dropped 0.8% and is now being traded at Rupees 15,86,409. All of the gains that were made from the post-CPI rally have been erased. However, altcoins are taking by far the largest hit out of all crypto currency during this “crypto winter.” Cardano (ADA) appears to be one of heaviest losers in market right now.

Cardano prices have been plummeting as of late, falling 3% yesterday and trading at a measly Rs. 28.98 today. In the past 24 hours alone, Cardano has lost close to 9% value and doesn’t seem to be slowing down anytime soon; it remains one of the most volatile cryptocurrencies in circulation.

Ethereum has decreased by 2% over the past day and is presently trading at Rs. 1,06,239. This recent poor performance is evident throughout the altcoins market.

In the last 24 hours, Solana fell 5% compared to Cardano, trading at Rs. 2371.

The Shiba Inu price also plummeted due to the crypto crash. $SHIB fell by 3% in this crash and is currently trading at Rs. 00081.

US Federal Reserve key officials gave speeches yesterday that reconfirmed the priority of curbing inflation rates, no matter what else happens in the economy. Charles Evans, CEO and President of the Chicago Fed said interest rates will still need to rise a lot to reach satisfactory inflation levels.

The target interest rates needing to raise next year in order to stop inflation, according to him, will be between 4.5% and 4.75%.

James Bullard, the President of the St. Louis Fed, People were worried about productivity in the economy being negative, but James brushed those concerns aside. He stated that inflation needs to be taken care of quickly.

The broad crypto market is seeing turbulence courtesy of the evolving economic outlook. Among altcoins, Cardano has been one of the most volatile, losing nearly 8% in value over the past week. With increasing competition amongst altcoins, investors in $ADA will be hoping to see some signs of strength from Cardano soon.