According to CoinGlass statistics, trade volume for Cardano’s native coin, ADA, has increased dramatically by over 100% in the previous day. A remarkable $900 million has been turned over in total turnover thanks to this spike in ADA trading activity. The fact that CoinGlass uses information from the spot and futures markets in its research is remarkable.
A normative level of activity is seen in the 5.14% share of Cardano’s total market value that comes from ADA trading volume during this period. According to CoinMarketCap, Cardano is now the ninth largest digital asset in the cryptocurrency industry with a market valuation of $17.5 billion.
The substantial change in the price of ADA is consistent with the spike in trading volumes. In the past day, ADA has dropped significantly—by 10.88%—to $0.4643, its lowest level since early December. But the token quickly recovered, making up more than half of the losses—a 6.6% gain.
Cardano’s current market dynamics
According to the most recent report, the Cardano coin is trading at $0.495 and has a noticeable long wick on its daily candle. The price of ADA has rebounded strongly, indicating that investors may once again have faith in the digital asset and that positive momentum may be approaching.
Market players are keeping a careful eye on the situation since ADA’s price is beginning to rebound and Cardano’s trading volume is increasing. The emphasis is still on Cardano’s ADA because to the notable increase in trading volumes, which highlights its significance in the present market dynamics.
