Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Cardano's native cryptocurrency, ADA, is attracting interest on the crypto market, with a 70% increase in trading volume over the last 24 hours, accompanied by a significant price rebound. According to CoinMarketCap data, Cardano's trading volume stands at $762.92 million, a 70% increase in the last 24 hours.
Crypto markets dipped Monday as traders took profits and watched for fresh catalysts before repositioning. Solana (SOL) and XRP fell 5% to lead losses among major cryptocurrencies, with Bitcoin (BTC) down 1.1% in the last 24 hours. Dogecoin (DOGE) fell 3%, while Cardano's ADA and Ethereum (ETH) rose.
At the time of writing, ADA was up 6.73% in the last 24 hours to $0.82 and up 18% weekly. Following three straight days of falls, ADA surged from lows of $0.77 in today's trading session to intraday highs of $0.817.
Tomiwabold OlajideDespite this, Cardano continues to consolidate between its daily moving averages of 50 and 200, at $0.912 and $0.641, respectively. A break above or below the daily moving averages would signal ADA's next price move. A move above the daily SMA 50 would aim for the much-coveted $1 price mark.
Cardano sees impressive growth in Q4, 2024
According to Messari's newly released Q4 report, Cardano's average daily transactions climbed 65% in the quarter to 71,500, while average daily active addresses increased 58% to 42,900. Cardano's average transaction cost (USD) increased by 80% to $0.23. However, the average transaction fee (ADA) fell 2% to 0.34, indicating that the network managed a significant increase in transaction activity, with little change in native costs.
The ratio of transactions to active addresses increased by 6% to 1.7; a growing ratio indicates that activity is dispersed more evenly among users.
The total stake (ADA) and the ADA staking rate (rewards obtained from staking ADA) both fell by 4% in the quarter. However, the overall stake (USD) climbed 117% to $18.4 billion, owing to ADA's price growth.
Cardano's average daily DEX volume surged by 271% to $8.9 million in the fourth quarter. Cardano's top DEXes were Minswap, WingRiders and SundaeSwap. DEX volume climbed by 40% year on year.
Dan Burgin
Vladislav Sopov