Cardano was trading at $0.045267 on Thursday, down by 10.15%. This is the largest one-day percentage loss since 14th August 2019.
The move downwards pushed Cardano's market cap down to $1.18675B, or 0.46% of the total cryptocurrency market cap.
Since last week, Cardano lost around 3.15% in value. The volume of Cardano traded in the last 24 hours was $65.09954M as it traded in a range of $0.0453 to $0.0526 over the past 7 days.
Elsewhere, other major cryptocurrencies also made losses.
Bitcoin was last down by 5.17% to $9,684.3. Similarly, Ethereum also lost by 8.51% to trade at $171.95.
Bitcoin's market cap was last at $174.36184B or 68.28% of the total cryptocurrency market cap, while Ethereum's market cap totalled $18.69227B or 7.32% of the total cryptocurrency market value.
Oil Prices Drop After Big Drop in Crude Inventories
Oil prices fell on Thursday after a large fall in US crude inventories.
Similar to the US Crude Oil WTI Futures which were down by 0.4% to $55.58 this morning, the International Brent Oil Futures also dropped by 0.6% to trade at $59.56.
Oil prices received support earlier in the day as it gained more than 1% following data from the Energy Information Administration (EIA) that revealed that inventories of US crude fell by 10.03 million barrels for the week ended August 23rd.
The large draw in crude supplies came as imports fell by about 1.51 million BPD.
The data came after industry group American Petroleum Institute revealed that the US crude reserve fell by 11.1 million barrels on Tuesday.
In addition, the trade conflict between the US and China keeps on affecting the oil markets after the US Treasury Secretary, Steven Mnuchin declined to confirm whether a planned meeting with Chinese officials in September would still take place.
Low oil demand due to escalating trade war between the US and China have sent oil prices down about 15% since their April highs.
Gold Futures Increased
Gold futures rose during the Asian session on Thursday.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose by 0.16% to trade at $1,551.65 per troy ounce.
Earlier, the troy ounce was trading in a dollar bullish session. Gold was likely to find support at $1,503.00 and resistance at $1,565.00.
The US Dollar Futures Index, which tracks the performance of the greenback against six other major currencies, rose by 0.02% to trade at $98.137.
Elsewhere on Comex, Silver for delivery in December rose 0.33% and traded at $18,517 per troy ounce while Copper for delivery in December fell by 0.27% to trade at $2,561 per pound.