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

Cardano's ADA Surges Amidst Crypto Market Volatility

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Cardano's native cryptocurrency, ADA, has emerged as a notable performer in the cryptocurrency market, witnessing a surge in trading volume and a significant price rebound within the past 24 hours. Based on CoinMarketCap data, Cardano's trading volume has reached $762.92 million, representing a remarkable 70% increase over the past day.

Despite a general market downturn on Monday, where major cryptocurrencies like Solana (SOL) and XRP experienced losses, ADA has bucked the trend, rising alongside Ethereum (ETH). At the time of writing, ADA has gained 6.73% in the past 24 hours, trading at $0.82 and marking an 18% increase on a weekly basis.

The price action for ADA shows positive momentum, with the cryptocurrency bouncing back from lows of $0.77 during today's trading session and reaching intraday highs of $0.817. However, ADA's consolidation between its daily moving averages of 50 and 200, at $0.912 and $0.641 respectively, suggests that a breakout is imminent.

Impressive Q4 Growth for Cardano

Messari's recently released Q4 report highlights significant growth for Cardano. Average daily transactions increased by 65% to 71,500, while average daily active addresses rose by 58% to 42,900 during the quarter. Additionally, the network's average transaction cost increased by 80% to $0.23, while the average transaction fee (ADA) decreased by 2%, indicating efficient handling of increased transaction activity.

Other notable metrics include a 6% increase in the ratio of transactions to active addresses, indicating a broader distribution of network activity among users. Conversely, the total stake (ADA) and staking rate both experienced a 4% decline, but the overall stake (USD) climbed by 117% to $18.4 billion, driven by ADA's price appreciation.

Cardano's decentralized exchange (DEX) volume also witnessed a surge, with an impressive 271% increase to $8.9 million in the fourth quarter. Minswap, WingRiders, and SundaeSwap emerged as the leading DEXes on the Cardano network, with DEX volume climbing by 40% year over year.