Cardano (ADA) Mystery: $1.2 Billion Volume Despite Price Drop

Cryptocurrency Market Faces Turbulence, Cardano (ADA) Sees Significant Decline

The cryptocurrency market experienced a downturn over the weekend, with major coins, including Cardano's ADA, plunging by more than 7%. Bitcoin's price saw a significant drop, leading to substantial losses across the cryptocurrency market as traders took profits amidst the market's decline.

Over the past 24 hours, the price of ADA has decreased by nearly 3.76%, reaching around $0.76. This decline is part of a broader trend, coinciding with a general dip in the cryptocurrency market. Nonetheless, Cardano (ADA) witnessed an increase in trading volume, reaching $1.2 billion, as per CoinMarketCap data.

If the price continues to decline, Cardano could drop to the 50-day SMA at $0.69 and later to support at $0.60. Conversely, a strong bounce off $0.75 could indicate demand at lower levels, and the bulls may then seek to push the ADA price above $0.86. If successful, Cardano might reach $1.01.

According to Messari's recently released report, Cardano's stablecoin market cap increased by 30% to $30.1 million in Q1. Additionally, Cardano's average transaction cost increased 27% to $0.29, while the average transaction fee (in ADA) increased 1% quarterly to 0.34. Cardano's treasury balance (in ADA) increased 5% quarterly to 1.7 billion ADA, while the treasury's USD value declined by 19% to $1.1 billion.

The Plomin Upgrade, implemented through CIP-1694, enabled 1,220 DReps to support decentralized governance, marking a historic moment for Cardano. With Ouroboros Leios prepared to cut block production and finality to a few seconds, Midnight's ZK-proof privacy features, and the Grayscale ETF filing, Cardano is anticipating major milestones in the coming days.