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Cardano (ADA) Skyrockets 27% in Key Indicator to Become a Market Outlier
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Cardano ADA ADA’s trading volume has surged by over 27%, a key indicator for determining investor sentiment. With this surge, ADA is now an exception to other leading cryptocurrencies that are currently experiencing price declines.
ADA Isolated from Other Top Cryptos
According to data from CoinMarketCap, ADA posted a 1.4% price increase over the past 24 hours, to trade at $0.3952. Market capitalization increased by a similar percentage to $14 billion, while trading volume jumped to $331 million.
The substantial increase in ADA’s price stands in stark contrast to other cryptocurrencies on the market. For example, Bitcoin (BTC), the leading cryptocurrency, has fallen by more than 1% in the past day to trade at $60,868. Over the past week, BTC has seen a 5.2% decline. Trading volume, however, has increased by 0.3%, which is in stark contrast to ADA’s 27% increase.
Similarly, Ethereum (ETH), the second largest cryptocurrency, is trading at $3,392, representing a decline of 1.68% over the past day and 2.8% over the week last. Trading volume declined 7% to $11 billion, with market capitalization pegged at $407 billion.
Why ADA stands out
The recent surge in ADA’s price and key metrics can be attributed to Cardano’s ecosystem expansion plans. Chief among them is the recent creation of an interim constitutional committee, as announced by Cardano founder Charles Hoskinson in a statement. Youtube video.
With the creation of the new committee, ADA holders now have a say in the governance of Cardano, according to previous reports from U.TodayThis announcement sparked excitement in the Cardano community, fueling the rise in the price of ADA.
Additionally, Cardano has recently gained traction among institutional investors, which could contribute to the increase in transaction volumes. Additionally, the Cardano ecosystem has recently boosted its connectivity via integration with the Inter-Blockchain Communication protocol. This integration makes it easier for developers to build applications based on Ethereum Virtual Machine (EVM), increasing the reach of the ecosystem.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.