Cardano Skyrockets 70% in Volume as ADA Price Flips to Green

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.

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Despite 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.

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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.