According to U.Today, Cardano's ADA has seen a significant increase in its trading volume, rising by over 27%. This increase is a key indicator of investor sentiment and sets ADA apart from other top cryptocurrencies, which are currently experiencing price declines. ADA's price increased by 1.4% in the past 24 hours, trading at $0.3952. The market capitalization also increased by a similar percentage to $14 billion, while the trading volume surged to $331 million.
In contrast, Bitcoin (BTC), the leading cryptocurrency, decreased by over 1% in the past day to trade at $60,868. Over the past week, BTC experienced a decrease of 5.2%. The trading volume, however, increased by a nominal 0.3%, a stark contrast from ADA’s 27% increase. Ethereum (ETH), the second-largest cryptocurrency, is trading at $3,392, representing a 1.68% decrease in the past day, and a 2.8% decrease in the past week. The trading volume declined by 7% to $11 billion, with the market cap pegged at $407 billion.
The recent uptick in ADA’s price and key metrics can be attributed to Cardano’s ecosystem expansion plans. Chief among them is the recent establishment of an interim Constitutional Committee, as announced by Cardano’s founder, Charles Hoskinson. With the establishment of the new committee, ADA holders now have a say in Cardano's governance. This announcement has sparked enthusiasm from the Cardano community, fueling increases in ADA’s price. Cardano has recently gained traction among institutional investors, which may be contributing to the rise in trading volumes. Additionally, the Cardano ecosystem recently boosted its connectivity through an integration with the Inter-Blockchain Communication protocol. This integration makes it easier for developers to create Ethereum Virtual Machine (EVM)-based applications, increasing the ecosystem’s reach.