As to a CoinGlass analysis, there has been a noteworthy increase of 54% in trading volumes for Cardano (ADA) in the past 24 hours. Due to this increase, the spot and derivatives markets’ combined turnover has reached about $1 billion, or 5.88% of the asset’s entire market value.
Based on the most recent statistics available from CoinMarketCap, Cardano is now the eighth-largest digital asset, with a market value of $17 billion.
The rise in trading volume makes it necessary to look more closely at the price movement of ADA. The ADA price chart analysis shows that the reduction has been ongoing since mid-December, with a current decrease of 3.33%. The ADA price may drop towards the $0.38 per token mark, which would be a 22% drop from its current level, if there is no discernible support for it in the current zone.
This circumstance begs the issue of what is causing Cardano’s trading volume to soar in the face of a downward price trend. It appears from observations that the increase in trading volume might be more accurately explained by increased selling activity than by a surge in interest from traders and investors in purchasing Cardano.
Investors and experts are keeping a close eye on the situation as Cardano makes its way through this difficult pricing environment in search of further information. A pivotal time for the digital asset is highlighted by the spike in trading volume, which has ramifications for Cardano’s price trajectory as well as the larger cryptocurrency market.
