According to data from CoinGecko, Cardano’s ADA recorded daily trading volume of nearly $900 million for six consecutive days. In the past 24 hours alone, trading volume increased by $824.8 million. Earlier this week, daily trading volume hit a record high of $990 million.
“Cardano (ADA) trading volume over the past 24 hours was $824,844,856, an increase of 3.00% from the previous day, indicating an increase in recent market activity. ” wrote Coin Gecko. With this, the company’s market capitalization reached $10 billion this month due to active buying and selling activity.
A surge in activity caused Cardano’s ADA to jump 2% on the charts and turn green on Thursday. The increased activity pushed the price from a low of $0.266 to a high of $0.284 in a matter of hours. Altcoins are currently surging after being stagnant in the index for nearly a year.
Buy Cardano’s ADA now or ignore altcoins?
Following an increase in trading activity, the Cardano blockchain completed processing over 119 million mainnet transactions on Thursday. However, each transaction can have multiple recipients and multiple assets can be sent at the same time. This happened after an update to the eUTxO model, which improved the efficiency of the blockchain.
Although many of these are positive, Cardano’s ADA has yet to regain development momentum. A 2% surge is minimal and can occur even on normal days. Even if the huge trading volume fails to push ADA past the $0.30 mark, it is highly unlikely that ADA will get there without support from other trends.
Price stagnation is what keeps Cardano’s ADA among the worst-performing cryptocurrencies on the market. It’s best to ignore current altcoins and look to other options, such as cryptocurrencies like Bitcoin and Ethereum.
