Cardano NFT Volume Hits New ATH Rising Over 300%

Share This Post

Data shows the total volume of the Cardano-based NFTs has reached a new all-time high after surging up more than 300% in the last ten days.

Cardano Daily NFT Volume Sets New ATH At 4 Million ADA

Ater having remained low for the last few months, the 24 hour volumes on the ADA non-fungible token marketplaces have observed a significant uplift during the past month.

The “trading volume” is a metric that measures the total amount of NFTs being traded in marketplaces on any given day.

Here is a chart from the non-fungible token marketplace tracker OpenCNFT that shows the trend in the volume for the Cardano-based NFTs during the last year:

Looks like the metric has hit a new high in recent days | Source: OpenCNFT

As you can see in the above graph, the NFT volume in Cardano marketplaces had been pretty low in the months between June and the start of October.

Related Reading: Bitcoin Short-Term Holder Behavior Continues To Show Divergence From Price

With the current month arriving, however, the indicator’s value has enjoyed some sharp uptrend as activity in ADA non-fungible token marketplaces has shot up.

The last ten days or so especially have registered some huge growth in the volumes. On 14 October, the metric’s value was around 943 million ADA, while by today this has increased to a whopping 4 million ADA.

This is a rise of more than 320% in a relatively short period. Also, the latest 4 million ADA volumes have been the highest these marketplaces have ever observed.

While the Cardano NFT environment has been thriving recently, the same can’t be said about the overall market. The below chart shows the trend in the total non-fungible token volume.

The value of the metric has been quite low in the last few months | Source: NonFungible

From the graph, it’s apparent that the trading volumes in the general NFT market have been very poor for months now, with seemingly no respite in sight.

ADA Price

At the time of writing, Cardano’s price floats around $0.3489, down 5% in the last seven days. Over the past month, the crypto has lost 23% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

The value of the crypto has jumped back up from the dip a couple of days ago | Source: ADAUSD on TradingView

ADA has taken a beating recently, but so far the crypto has managed to stay within the top ten crypto by market cap list as it currently places 8th.

Cardano is some distance above the 10th placed Dogecoin at the moment | Source: CoinMarketCap
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, OpenCNFT.io

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin ETFs record $150 million inflow amid price rebound

Bitcoin price dipped to a daily low of $62,586 after briefly touching the $64,000 mark for the first time this month According to CryptoSlate data, the flagship digital asset has since recovered the

Ethereum Foundation Cashes Out: 300 ETH Sold in Latest Move

The AI-powered sleuth Spot On Chain dropped a bombshell on X today: the Ethereum Foundation just offloaded 300 ETH, pocketing a cool 763,092 DAI “Overall, since the beginning of September, the

The rise of DogLibre: Merging decentralized technology with animal welfare

DogLibre, founded by Lee Lin Liew, represents an innovative fusion of blockchain with a mission-driven purpose: to improve the lives of stray and pet dogs By utilizing Web3 technologies, DogLibre

Ripple Whales Accumulate Over 380 Million XRP in Just 10 Days: Is A Breakout Near?

XRP has shown remarkable resilience recently, maintaining its position above a critical support level, though a significant price move still looms Key data from Santiment reveals that whales are

Bitcoin’s Final Cycle Pump Kicks Off, Here’s How High It Could Go

Given the renewed upward performance of the entire cryptocurrency market following the recent Federal Reserve (Fed) interest rate cut, Bitcoin is witnessing a wave of bullish predictions from crypto

MicroStrategy raises $1 billion via latest debt offering, reveals it bought 7,420 Bitcoin this week

MicroStrategy, in a Sept 20 filing with the US SEC, declared the acquisition of 7,420 BTC for $4582 million at an average price of $61,750 per Bitcoin between Sept 13 and Sept 19 According to the SEC