Cardano (ADA) recently witnessed a significant development that got community members excited. As per data released by CoinGlass, Cardano soared by over 32% within 24 hours in terms of trading volume.
The Impact of Trading Volume Surge
Notably, the turnover figures stood at $476.69 million in Cardano perpetual futures. Additionally, the blockchain posted $358 million on the spot market due to a notable 20% increase. Cumulatively, the trading volume across all markets for Cardano has tipped over the $800 million mark.
According to market analysts, all these achievements were made possible due to Cardano breaching the critical support level of $0.38. Interestingly, the price of ADA suffered an approximately 5% drop within this week.Â
This loss helped place ADA at a crucial support level where it again became attractive to traders interested in the asset.
Furthermore, with the coin’s total market cap a little over the $13 billion mark, ADA has managed to keep the ratio of turnover to market capitalization fairly within normal range. Given these notable achievements for Cardano, a lot depends on its ability to stay above this crucial support level.
Cardano Remains Resilient
At the time of writing, the price of Cardano is pegged at $0.3646, down by 3.18% in the past 24 hours. As per market experts, if ADA breaches the $0.36 level, it will no longer act as support but a resistance which might prove a tough challenge to overcome.
In terms of performance, founder Charles Hoskinson has shed light on the gray areas around Cardano interoperability and the blockchain’s initial roadmap. He maintained that ADA accomplished interoperability with partner chains with Midnight Network among the solutions launched lately.
Meanwhile, the Cardano community recorded a significant milestone as it has gone a staggering 2,500 days without experiencing any network outages in mainnet operations.
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