Cardano’s native token, ADA, has seen a remarkable surge in trading volume, skyrocketing by over 100% within the last 24 hours, according to CoinGlass data. This surge has pushed the total turnover to over $900 million. It is important to note that CoinGlass analyzes data from both the spot and derivatives markets.
The trading volume of ADA during this period represents 5.14% of Cardano’s total market capitalization, which is considered a normative level of activity. Cardano’s market capitalization is currently at $17.5 billion, making it the eighth largest digital asset in the cryptocurrency market, as reported by CoinMarketCap.
This increase in trading volumes coincides with a significant movement in the ADA price. Over the last 24 hours, ADA experienced a notable 10.88% drop, reaching its lowest value since early December at $0.4643. However, the token quickly rebounded, recovering more than half of the losses, marking a 6.6% recovery.
Current market dynamics show that Cardano’s token is trading at $0.495, with its daily candle showing a noticeable long wick. This resilient recovery in ADA’s price indicates renewed investor confidence in the digital asset, suggesting potential bullish momentum on the horizon.
As trading volume spikes and ADA’s price shows signs of recovery, market participants are closely observing the situation. The spotlight remains on Cardano’s ADA, emphasizing its crucial role in the current market dynamics. This data provides valuable insights for investors and analysts in the crypto and NFT field, allowing them to make informed decisions based on real-time market movements.
