Cardano’s trading volume has increased by 130 % in the last 24 hours

Cardano is experiencing a surge in activity, with trading volumes of the ADA asset increasing by more than 130% in the last 24 hours. The ADA token has also increased by more than 10% as more buyers appear to be joining in. The crypto community has noted that there appears to be a lot of whale activity related to Cardano, which has had a strong few months.

The crypto market has been in the green in general over the last 24 hours, with news of the US Federal Reserve raising interest rates appearing to boost it slightly. Cardano is one of the top gainers, outperforming the majority of major assets.

Cardano’s trading volume surpassed $1.5 billion(R 24bn) on May 5, up from $648 million (R10.4bn) on May 4. The asset’s market cap is now $30.5 billion (R488 bn), up to $4 billion (R64 bn) from the previous day. Cardano trading activity has been very positive in recent months. The month of March ended on a high note, with over $2 billion (R32 bn) traded in the final days of the month.

The asset is still some distance from its YTD highs, but the near future looks promising for a variety of reasons. One of the reasons ADA supporters are optimistic about the project is that whales have been accumulating ADA for the past month or so. According to data platform Santiment, nearly 200 million ADA now reside with whales. This is undoubtedly a factor in the significant increase in trading volumes.

The ADA’s Ecosystem and Technological Advances Could Also Be Factors

While there is no doubt that whale accumulation can have a significant impact on an asset’s trading activity, it could be more than that. Cardano has received a lot of positive attention in recent months, which is almost certainly having an effect. As a result of all of this, Cardano now has an all-time high number of ADA holders.

Positive news includes both ecosystem developments and network technical upgrades. Then there’s the fact that Coinbase introduced ADA staking, which was a significant step forward.

In other news, Cardano founder Charles Hoskinson proposed collaborating with Elon Musk to build a decentralized platform. Snoop Dogg, in collaboration with Clay Nation and Champ De Medici, unveiled a new NFT collection on the Cardano blockchain.

Quick Poll

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.