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Cardano (ADA), one of the leading cryptocurrencies by market capitalization, is making waves in the crypto world as it has witnessed a surge in trading volume over the last 24 hours. According to data from CoinGlass, the Cardano token's key turnover metric has experienced an impressive 49.07% increase, soaring to a staggering $631.41 million.
This uptick in trading volume is not an isolated incident but rather part of a broader trend that has been unfolding since mid-December. ADA's trading volumes have skyrocketed from the usual $120 million to $400 million, with intermittent spikes of an additional 50% in recent weeks. Such levels of trading activity have not been witnessed since the summer of 2022.
The correlation between Cardano's trading volumes and ADA's price performance is unmistakable. ADA has surged by over 180% since mid-October, reaching a noteworthy value of $0.63 per token - the highest since the summer of 2022. Notably, the Cardano token is displaying signs of accumulation on its price chart, reminiscent of a pattern observed in November, when the token traded flat for 23 days before experiencing a 75% growth spurt.
The question on everyone's mind now is whether Cardano is gearing up for another upward move, akin to the December surge. While the answer remains elusive, the growing volumes of ADA suggest mounting liquidity and sustained interest in the token.
Cardano investors and enthusiasts are closely monitoring the situation, eager to see how this dynamic mix will influence the value of the Cardano token in the coming days.
Alex Dovbnya
