Cardano's native token, ADA, has witnessed a remarkable surge in trading volume, skyrocketing by over 100% within the last 24 hours, as reported by CoinGlass data. This surge in ADA trading activity has propelled the total turnover to exceed an impressive $900 million. It is noteworthy that CoinGlass incorporates data from both the spot and derivatives markets in its analysis.
The volume of ADA trading during this period accounts for 5.14% of Cardano's total market capitalization, reflecting a normative level of activity. As of now, Cardano's market capitalization stands at $17.5 billion, making it the eighth largest digital asset in the cryptocurrency market, according to CoinMarketCap.
The surge in trading volumes aligns with a noteworthy movement in the ADA price. Over the last 24 hours, ADA experienced a significant 10.88% drop, reaching its lowest value since early December at $0.4643. However, the token swiftly rebounded, recouping more than half of the losses, marking a 6.6% recovery.
Cardano's current market dynamics
As of the latest update, the Cardano token is currently trading at $0.495, with its daily candle adorned by a conspicuous long wick. This resilient recovery in ADA's price suggests renewed investor confidence in the digital asset, hinting at what may be bullish momentum on the horizon.
With Cardano's trading volume spiking and ADA's price showing signs of recovery, market participants are closely monitoring the situation. With the significant surge in trading volumes, the spotlight remains on Cardano's ADA, emphasizing its role in the current market dynamics.