Cardano (ADA) has joined the many other cryptocurrencies whose prices are spiralling downhill in tandem with a negative market trend. Cardano is currently down 0.10% over the last 24 hours, trading at a spot price of $0.3053 at the time of writing. The Cardano downturn has also seen a comparable bearish growth tendency during the previous seven days.
Cardano remains a high flyer and a promising coin that has maintained to sustain investor interest despite the brief setbacks as demonstrated by its price. Despite the token’s price having a gloomy perspective, other significant measures are showing a positive trend.
The volume of its trades is one of these measures. According to information from CoinMarketCap, Cardano has experienced a 45% increase in trading volume. This demonstrates that institutional investors and the secondary market are both actively accumulating digital currency.
Reversing the trend will almost certainly be simpler in the big picture, even if the price is just little lower but accumulation continues. In addition to a rise in trading volume, IntoTheBlock (ITB) data shows that Cardano holders’ balances have also slightly increased.
Cardano fundamentals and growth prospects
Cardano has a strong developer community that has assisted it in producing a number of original products so far this year. Cardano is ready to accept fresh, creative decentralised apps (dApps), with protocols like Lace and the Hydra scaling tool among the many developments just unveiled on the mainnet.
The utility of Cardano will rise with more useful dApps, which will assist fuel a maximum increase in the price of the ADA. Although the falling prices may be seen as a setback, they really provide Cardano with a push to chart a positive trend in the near future.
