In a recent development that has caught the attention of many, the cryptocurrency Cardano (ADA) has witnessed a remarkable nearly 150% surge in trading volumes within the last 24 hours, despite the recent crash in the cryptocurrency market that led to liquidations totaling $435 million.
At present, Cardano’s trading volume stands at $588,098,724 over the past 24 hours, marking a significant 148.30% increase from the previous day and indicating a recent surge in market activity for ADA.
Amidst a market under selling pressure and major cryptocurrencies experiencing notable price drops, Cardano has seen a decline of 7.9% in the last 24 hours, with its current price quoted at US$0.3716 at the time of writing.
Over the course of the past month, Cardano has followed the broader market contraction and endured a substantial drop in its price. ADA has undergone a devaluation of 21.5% in the last 30 days.
As Cardano experiences an increase in inflows, Bitcoin has seen a significant outflow of $621 million in the previous week, as reported by CoinShares on June 17.
The report highlights the focus on outflows from Bitcoin, while some alternative cryptocurrencies like Cardano have shown significant inflows. Cardano recorded inflows of $0.7 million last week, in contrast to Bitcoin’s outflows of $621 million. Additionally, the decline in Bitcoin also led to inflows totaling $1.8 million in short bitcoins.
Within the current ADA landscape, the Cardano community is filled with excitement and optimism for the forthcoming updates and enhancements to the network, which have the potential to propel the blockchain to new heights.
Please note that the opinions and views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.