ADA Price Drops 2.35% as cbADA Launch on Base Spurs Surge in Trading Volume and Cautious Sentiment

Cardano (ADA) experienced a 2.35% price decline over the past 24 hours, with the current price at $0.5571, down from a 24h open of $0.5705 according to Binance data. The recent price drop is primarily attributed to increased selling pressure following the launch of cbADA, a wrapped ADA token on Coinbase’s Base network, which, despite enhancing ADA’s DeFi utility and interoperability, did not generate positive price momentum. Instead, trading volumes surged as investors reacted to the news by offloading positions, reflecting prevailing bearish sentiment. ADA remains ranked within the top 10 cryptocurrencies by market capitalization, with a circulating supply of approximately 35.37 billion tokens and a market cap near $19.97 billion. Short-term market sentiment is cautious amid technical developments and upcoming upgrades, as ADA continues to trade lower both weekly and monthly.