Cardano sees 40% surge in trading volume, ADA price rises

Over the past 24 hours, Cardano’s trading volume increased approximately 41.95% to $461.96 million, fueling interest in the cryptocurrency. ADA has been one of the winners of the recent cryptocurrency rally.

Cardano founder Charles Hoskinson celebrated the rise of ADA by sharing a video showing the progress of Hydra, a layer 2 scalability solution. ADA has been positive since the beginning of the year.

Cardano trading volume increases by over 40%

Cardano’s open interest (OI) also increased by 8.44%, equivalent to $246.79 million, according to data from Coinglass. The highest OI was May 4 with $588 million.

The community supported Cardano’s positive numbers with comments such as “We’re back.” Some traders attribute the boom to the announcement of smart contract updates and Hoskinson’s constant messages of encouragement about the progress promised in June.

“But the response from the community is mixed. Although recent developments have sparked excitement and hope for the future of the ADA, frustration and skepticism have also been evident. “Many of our members are recalling past predictions that did not materialize as expected, and current market dynamics have made them cautious in their outlook,” the user added.

The ADA made some significant moves this week. Recently, the Cardano Foundation, based in Zug, Switzerland, announced the appointment of Giorgio Zinetti as Chief Technology Officer (CTO). This announcement signals that the project is poised for growth and innovation.

Read More: Cardano (ADA) Price Prediction for 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 organizations to propose and vote on projects eligible for Treasury funding.

Last March, Cardano launched USDM, the first USD-pegged, fully fiat-backed stablecoin. The new entrant aims to gain a foothold in the highly competitive $160 billion stablecoin market, largely dominated by Tether and Circle.

ADA price performance. Source: BeInCrypto

Read more: Who is Charles Hoskinson, the founder of Cardano?

Finally, the price of Cardano rose more than 5% to $0.48 after recognizing the increase in daily trading volume. Last year, ADA increased 27.35% and its market capitalization exceeded $17 billion.

Finally, we noticed an increase in daily trading volume for Cardano, with the price rising by more than 5% to $0.48. Last year, ADA increased by 27.35%, while its market capitalization exceeded $17 billion.
The post ADA Price Rises as Cardano Sees 40% Surge in Trading Volume appeared first on BeInCrypto.