Data revealed by popular cryptocurrency reference web portal CoinMarketCap shows that the native coin of the Cardano blockchain has shown significant growth in two important metrics over the past 24 hours.
Image via CoinMarketCap
Surge to 1,323,726,241 ADA in 24 hours
The ADA price has staged an increase of 4.32% and reached $0.76. Cardano’s market capitalization value has gone up 4.33%, reaching 26.79 billion, and finally ADA’s trading volume has logged a massive 29.9% spike, currently standing at $981 million. Only a tiny step remains to take it toward the $1 billion level. In cryptocurrency terms, that constitutes the equivalent of 1,323,726,241 ADA.
Such a sharp increase in trading volume within 24 hours can be attributed to several factors. But first of all, this major rise suggests significant growth in overall market interest toward Cardano.
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Likely drivers of 29.9% trading volume boost
The first major driver in this case could be the recent network developments and, in particular, the efforts undertaken by the Cardano team to scale up the blockchain. In particular, in 2023, Cardano began implementing the scaling solution called Hydra and launched the very first part of this upgrade. The full rollout of this layer-2 scaling protocol continues, and some major additions and rollouts are planned for this year.
Besides, currently, the Voltaire era of Cardano is taking place, which is marked as the final, fifth, step on Cardano’s roadmap. Voltaire started in 2023 and continues now, setting the goal of making the blockchain fully decentralized, adding governance improvements and boosting confidence in the system’s long-term potential.
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ADA records multi-million inflows, surpassing XRP, BTC and ETH
According to a weekly report issued by CoinShares, institutional investments into ADA products surpassed those into such top cryptocurrencies as Bitcoin, Ethereum and XRP.
The report showed that ADA won in terms of investment volume month-to-date, even though BTC, ETH and XRP left Cardano behind in weekly investments. ADA welcomed $0.1 million in weekly inflows and $62.7 in month-to-date investment volume. Meanwhile, last week, BTC and XRP saw $724 million and $6.7 million going in, while month-to-date Bitcoin has lost $1.022 billion, and ETH faced $86 million outflows last week and lost $384.6 million month-to-date.
Year-to-date flows into ADA stand at $69 million, while for Bitcoin this figure shows $1.324 billion, and for XRP minus $344 million.
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