Cardano (ADA) trading volume is up 162% despite an ongoing market sell-off that has seen $435 million worth of cryptocurrencies liquidated.
The #cryptocurrency market is under selling pressure as major #cryptocurrencies , led by #bitcoin (BTC), have fallen significantly in value, contributing to the overall market decline. #Cardano has not escaped the bearish trend, falling 7% in the last 24 hours and trading at $0.375 at the time of publishing this article.
According to the latest data from Coinshares, nearly $600 million was withdrawn from digital assets last week, the highest since March. High inflation has caused traders to lower their expectations for a Federal Reserve rate cut this year, which poses a challenge for speculative assets like cryptocurrencies.
According to CoinGlass, the recent market crash wiped out about $435 million in cryptocurrency liquidations, affecting a range of digital assets. Most of this amount came from bullish and long traders' positions worth $360 million in anticipation of further price gains in the market.
Despite the bearish environment, Cardano trading volumes have increased significantly. According to cryptocurrency market rating platform CoinMarketCap, #ADA trading volume rose 162% to US$574.9 million in the last 24 hours. This surge is especially noticeable against the backdrop of a general downturn in the market.
The reasons for the surge in ADA trading volume are varied, but may be indicative of investor positioning. Increased volatility often leads to higher trading volumes as traders buy and sell in high volumes.
It has been reported that Cardano has recently gained popularity among institutional investors, which may have contributed to increased trading volumes.
The market will be watching ADA's price performance closely to see if it will capitalize on the current surge in interest or maintain the status quo.
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