The native cryptocurrency of Cardano, ADA, has seen an incredible rise, with a $1 billion increase in market value in just one day.
With a market valuation of an astounding $15.42 billion, the token is now ranked as the eighth-largest cryptocurrency worldwide by CoinMarketCap.
The boost in ADA’s price is responsible for the significant increase in its market capitalization; from its daily low to its top of $0.434, the token saw a gain of more than 5%. In addition to drawing the interest of cryptocurrency aficionados, this price increase has increased ADA’s trading volume to unprecedented levels.
Thus, in a startling change of events, Cardano’s token trading volume surged by over 100% in a single night, hitting a noteworthy $750 million.
It’s interesting to note that among cryptocurrency fans, the rise of well-known cryptocurrencies like Cardano frequently sparks conjecture. Some in the community speculate that a correction could be approaching when so-called “dino coins” like Cardano and Polkadot (DOT) see notable growth.
The validity of this notion is still up for debate, but market watchers are keeping a close eye out for any indications of a possible decline.
For the time being, ADA appears to be enjoying the more interest from cryptocurrency investors, which is creating a positive feedback loop with rising prices and higher trading volumes.
The ADA community will be anxiously awaiting the next moves on this exciting market as Cardano’s bullish surge continues and the present price level is soon seen as only the beginning.
