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Cardano ($ADA) Trading Volumes on Centralizes Exchanges Hit Record Lows: Report

Cardano ($ADAspot )’s trading volume on so-called Top-Tier cryptocurrency exchanges fell 55.4% in December to $3.52 billion, the lowest monthly volume since February 2018.

According to CryptoCompare’s latest Asset Report, Cardano also had the lowest monthly trading volume since October 2020, and the reduction “highlights the present market sentiment of traders and investors who are still hurting from this year’s dramatic decline in crypto asset values.”

The analysis was also incorporated into the Cardano Foundation’s Essential Cardano’s Guide to the Ecosystem, an open-source research report that provided insights into current projects built on top of the smart contract platform.

In December 2022, there were 1,151 projects built on top of Cardano, with 32% of those projects linked to non-fungible token (NFT) collections. The next leading areas were community and social decentralised applications, as well as initiatives linked to developer tools, with market shares of 6.7% and 5.8%, respectively.

According to CryptoGlobe, the number of whales on the Cardano network has lately increased, at a time when the cryptocurrency’s trading volume and price have been rising as part of a broader cryptocurrency market rebound.

According to on-chain analytics firm Santiment, 20 new addresses holding over 1 million $ADA tokens have just appeared, after the cryptocurrency’s price has risen more than 30% since the end of December, and its trading volume has reached a 2-month high.

Notably, the cryptocurrency community has set an optimistic price goal for $ADA this month, likely in response to the network’s expanding popularity. The smart contract platform’s price was trading at $0.495 by the end of January, according to roughly 3,400 cryptocurrency community members, signifying an 83% increase from $ADA’s initial $0.27 level.

It’s vital to note that the bitcoin community’s predictions may never come true. According to the site, the community’s historical accuracy is slightly higher than 41%, with current statistics indicating that it was about 60% in September and October 2022, with a peak of 6.8% in December.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.