In a dramatic turn of events, Cardano (ADA) has seen a staggering 162% increase in trading volumes despite the ongoing market sell-off, which has resulted in $435 million in cryptocurrency liquidations.
In a dramatic turn of events, Cardano (ADA) has seen a staggering 162% increase in trading volumes despite the ongoing market sell-off, which has resulted in $435 million in cryptocurrency liquidations.
The cryptocurrency market is under selling pressure as major cryptocurrencies, led by Bitcoin (BTC), experienced significant price declines, contributing to the overall market decline. Cardano is not immune to the downtrend, falling 7% in the last 24 hours to trade at $0.375 at the time of publication.
According to recent data from CoinShares, nearly $600 million was withdrawn from digital asset products last week, the highest figure since March. Persistent inflation has led traders to lower their expectations of a Federal Reserve interest rate cut this year, posing a challenge for speculative assets like cryptocurrencies.
The recent market crash has wiped out approximately $435 million in cryptocurrency liquidations, according to data from CoinGlass, impacting several digital assets. Most of it came from bullish or long-term traders expecting further price increases in the market, which accounted for $360 million.
Tomiwabold OlajideDespite the bearish market conditions, Cardano has seen a notable increase in trading volumes. Crypto Market Rating Platform Data CoinMarketCap indicates that ADA trading volumes have skyrocketed by 162% in the last 24 hours, reaching $574.9 million. This increase is notable, especially in the context of general market slowdown.
The reasons for the increase in ADA trading volume may be varied, although it could be indicative of investor positioning. Higher volatility often leads to higher trading volume as traders buy and sell in large quantities.
Cardano has recently gained traction among institutional investors, as reported, which could have contributed to the increase in trading volumes.
The market will closely monitor ADA price performance in the coming days, waiting to see whether it will capitalize on the current surge in interest or maintain its status quo.
