Cardano’s ADA trading volume soared more than 27%, a key metric in determining investor sentiment. With this rally, ADA now stands out as an exception to other major cryptocurrencies that are currently experiencing drops in their prices.
Cardano’s ADA surged by over 27% in trading volume, a key metric for determining investor sentiment. With this rally, ADA now stands as an exception to other major cryptocurrencies currently experiencing price declines.
ADA isolated from other major cryptocurrencies
According to data from CoinMarketCapADA saw a 1.4% price increase over the past 24 hours, trading at $0.3952. The market cap increased by a similar percentage to $14 billion, while trading volume increased to $331 million.
Dan BurginADA’s substantial price rise stands in stark contrast to other cryptocurrencies on the market. For example, Bitcoin (BTC), the leading cryptocurrency, declined more than 1% in the last day to trade at $60,868. Over the past week, BTC saw a 5.2% decline. However, trading volume increased by a nominal 0.3%, a stark contrast to ADA’s 27% increase.
Similarly, Ethereum (ETH), the second-largest cryptocurrency, is trading at $3,392, down 1.68% over the past day and down 2.8% over the past week. Trading volume is down 7% to $11 billion, with market cap pegged at $407 billion.
Why does ADA stand out?
The recent surge in ADA price and key metrics can be attributed to Cardano’s ecosystem expansion plans. Chief among them is the recent establishment of an interim Constitutional Committee, as announced by Cardano founder Charles Hoskinson in a Youtube video.
Tomiwabold OlajideWith the creation of the new committee, ADA holders now have a say in the governance of Cardano, according to previous reports by Guru-Investing This announcement has sparked enthusiasm in the Cardano community, which has fueled the increase in the price of ADA.
Furthermore, Cardano has recently gained traction among institutional investors, which may be contributing to the rise in trading volumes. Furthermore, the Cardano ecosystem has recently boosted its connectivity through an integration with the inter-blockchain communication protocol. This integration makes it easier for developers to build applications based on the Ethereum Virtual Machine (EVM), thereby increasing the reach of the ecosystem.
