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Cardano (ADA) has recorded massive market activity in the last 24 hours. A total of 144,718,287 ADA were traded on Binance, the largest crypto exchange. This signals active market participation from whales and retail traders within the time frame.
Cardano sees price rebound amid high trading volume
According to CoinMarketCap data, this volume of ADA traded higher on the USDT/ADA pair than the USDC/ADA pair.
This large movement is attributed to investors engaging in increased trading and strategic repositioning ahead of likely price gain on ADA.
Godfrey BenjaminInterestingly, ADA has jumped by a significant 7.09% in value to change hands at $0.6402 within the period. Although the price of ADA remains below $0.70, the growth indicates growth potential and is a likely reason for the upsurge on Binance.
Analysts expect ADA’s value to grow if more market participants actively trade the coin. As of this writing, the trading volume has dropped by a substantial 26.05% to $745.5 million.
The recent development with Grayscale Investment adding Cardano to its Smart Contract Fund might act as a catalyst to the price of ADA. Experts consider this notable progress for the coin and believe it could boost its perception among investors in the broader crypto space.
Can ADA maintain momentum?
Analysts have attributed ADA not reclaiming the $1 mark to the prevailing market downturn in the broader crypto industry. This has also affected ADA and other crypto assets, including XRP and Solana.
In the last week of February, the market saw massive liquidation that took a toll on the price of different assets. The liquidation surge made many market participants cautious as they observed the market swings.
Tomiwabold OlajideCardano’s woes continued as the exchange-traded fund hype did little to boost price performance.
However, the recent uptick in the volume of ADA on Binance holds the promise of a possible rebound in the short term. How ADA investors react to the liquidity boost from the largest exchange could direct the growth trajectory in the coming days.
Dan Burgin
Vladislav Sopov