Markets
Cardano Trading Volume Increases Over 40% and ADA Rises
Over the past 24 hours, Cardano’s trading volume soared by approximately 41.95% to $461.96 million, demonstrating increased interest in the cryptocurrency. ADA has been one of the winners in the recent cryptocurrency rally.
Cardano founder Charles Hoskinson celebrated the rise of ADA by sharing a video showcasing the progress of Hydra, its layer 2 scalability solution. ADA has been in positive numbers since the start of the year.
Cardano trading volume increases by over 40%
Coinglass data watch that Cardano’s open interest (OI) also gained 8.44%, equivalent to $246.79 million. The highest OI occurred on May 4, reaching $588 million.
The community supported Cardano’s positive numbers, with opinions like “we are back”. Some traders attribute the boom to the smart contract update announcement and Hoskinson» constant encouraging messages on the progress promised for June.
“However, community reaction has been mixed. Although recent developments have generated excitement and hope for the future of ADA, there is also a palpable sense of frustration and skepticism. Many members recall past predictions that did not pan out as expected, and current market dynamics add to their cautious outlook,” the user said. added.
ADA has shown significant movement in recent weeks. Recently, the Cardano Foundation, based in Zug, Switzerland, announced the appointment of Giorgio Zinetti as Chief Technology Officer (CTO). This announcement indicated that the project was preparing for growth and innovation.
Learn more: Cardano (ADA) Price Prediction 2024/2025/2030
Additionally, Cardano Treasury announced the accumulation of 1.5 billion ADA tokens, worth over $720 million, representing over 4% of the circulating supply. This accumulation allows the organization to propose and vote on projects eligible for Treasury financing.
In March, Cardano introduced its first investment fully backed by fiat currencies and pegged to USD. stable coin, USDM. This new entrant aims to gain a foothold in the competitive $160 billion stablecoin market, primarily led by Tether and Circle.
ADA Price Performance. Source: BeInCrypto
Learn more: Who is Charles Hoskinson, the founder of Cardano?
Finally, CardanoThe price of rose by over 5%, reaching $0.48 after recognizing growth in its daily trading volume. Over the past year, ADA showed an increase of 27.35%, while its market capitalization exceeded $17 billion.
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