Cardano’sADA has recorded close to $900 million in daily trading volume for six consecutive days, according to the data from CoinGecko. In the last 24 hours alone, it gained a trading volume of $824.8 million. Early this week, the daily trading volume stood at a record high of $990 million.
“The trading volume of Cardano (ADA) is $824,844,856 in the last 24 hours, representing a 3.00% increase from one day ago and signalling a recent rise in market activity,”wrote Coingecko. This led to its market cap touching $10 billion this month with the robust buying and selling activity.
The surge in activity made Cardano’s ADA turn green on Thursday as it spiked by 2% in the charts. It went from a low of $0.266 to a high of $0.284 in a few hours due to the increased activity. The altcoin is now buzzing after being stagnant in the indices for close to a year.
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On the heels of the heightened trading activity, the Cardano blockchain has completed processing over 119 million mainnet transactions on Thursday. However, each transaction can have multiple recipients and send multiple assets simultaneously. This occurred after the eUTxO model update, making the blockchain more efficient.
While many of these are positives, Cardano’s ADA is yet to pick up steam from the development. The 2% surge is minimal and can be generated even on a normal day. If the extensive trading volume could not push ADA above the $0.30 mark, there’s little chance it could go there without the support from other developments.
The price stagnancy is what’s keeping Cardano’s ADA among the least-performing cryptocurrencies in the market. It is best to ignore the altcoin currently and look at other options, such as cryptocurrencies like Bitcoin and Ethereum.
Source: Watcher Guru
