Logo
Cardano Ecosystem

Coingape

05/11/2024

·

50 views


Cardano’s (ADA) On-chain Volume Declines: Are Bulls Wrong? | CoinGape

Cardano (ADA) price has plummeted with the wider cryptocurrency market posting daily losses. The price of ADA stands at $0.4433, a 4% decline in the last 24 hours, signaling bearish pressure. This week’s drop...

Cardano’s (ADA) On-chain Volume Declines: Are Bulls Wrong? | CoinGape

Cardano (ADA) price has plummeted with the wider cryptocurrency market posting daily losses. The price of ADA stands at $0.4433, a 4% decline in the last 24 hours, signaling bearish pressure. This week’s drop in the asset follows a similar decrease in top assets as sentiments continue to plunge. 

While market liquidations have been sparked by macroeconomic factors and a tighter SEC regulatory stance, industry factors have also plunged Cardano’s momentum. Weekly and monthly flows for the asset are at 5% and 28% respectively. 

On-chain Factors Hinder Cardano 

The plunging price of ADA is due to reduced transaction volume as well as decentralized finance (DeFi) activities. Cardano’s daily trading volume is down 0.50% to $275 million. Alongside trading volumes, on-chain activities have also slowed. Data from DeFiLlama show totals of $274 million in total value locked (TVL). 

This shows a 4.45% decline from previous levels from yesterday. Cardano volumes on DeFi protocols have a 22-% weekly change with most platforms recording losses. Minswap and Indigo are down 4% in volumes with the platform’s TVL failing to $68 million and $61.2 million.

Last month Cardano also reported reduced on-chain factors inspired by total crypto liquidations. Other assets like Bitcoin (BTC) and Ethereum (ETH) have also seen weakened volumes in the last 24 hours. Both assets are down 1.6% and 2% respectively with monthly losses extending to double digits. These exits have also affected the memecoin ecosystem in the same period. 

This year, bulls projected record highs for Cardano on the back of price upticks recorded in Q1 coupled with partnerships and positive on-chain sentiments. This year, Charles Hoskinson, the co-founder of Cardano has hinted at potential partnerships including a deal with Bitcoin Cash. 

Would you like to see Bitcoin Cash become a Cardano Partnerchain upgraded with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, thus being the fastest and most useful proof of work chain ever built?” 

Despite outflows, bulls still maintain strong momentum based on expected interest rate cuts and the forthcoming US elections. 

Also Read: Top Celebrities Who Don’t Support Crypto Market 

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Coingape

ORIGINAL SOURCE

https://coingape.com/trending/cardano-ad...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Coingape

See more
Cardano Price Tapping DeFi TVL Potential To $1
Coingape
Cardano Price Tapping DeFi TVL Potential To $1

last Wednesday at 1:14 PM

·

20 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)