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Cardano defies crypto downturn as transaction volume soars 200%

Cardano defies crypto downturn as transaction volume soars 200%

Despite the prices of most assets on the cryptocurrency market recording a bearish streak in recent weeks, Cardano (ADA) is recording impressive results in other departments, including transaction volume and count, active crypto wallets, and accumulation by large holders.

Indeed, Cardano has recorded a significant increase in daily transaction volume, growing by 205.01% since the year’s turn, with more than 26 billion ADA transacted per day, according to the Cardano blockchain analysis by crypto monitoring platform IntoTheBlock shared in a Twitter thread on May 22.

Cardano year-to-date (YTD) daily transaction volume. Source: IntoTheBlock

As per the platform’s observations, the transaction count has remained stable during bear market conditions, witnessing a 33.45% increase from the yearly lows and a recent notable peak in daily transaction volume, reaching a three-month high of 98,000 transactions in one day.

What about users?

Furthermore, the most engaged group of users within the network during the observed period were those involved in trades between $10 and $100. Specifically, during the above-mentioned three-month high, these traders accounted for 28% of all transactions on the chain.

Finally, Cardano has also recently seen spikes of more than 1,500% in net flows by large holders over the previous 30 days, signaling that ADA whales were accumulating. As the chart indicates, on April 27, this net flow spiked to 969.72 million ADA in a single day.

Cardano large holders net flow. Source: IntoTheBlock

Cardano price analysis

In the meantime, the price of Cardano currently stands at $0.37, demonstrating an increase of 1.42% on the day, as it is trying to reverse the losses of 0.44% across the past week and of 6.35% in the last month, as per data retrieved by Finbold on May 22.

Cardano 7-day price chart. Source: Finbold

Meanwhile, Cardano was recording substantial results in more areas. Earlier, Finbold reported on the Cardano ecosystem approaching a total value locked (TVL) of 400 million ADA tokens and $148.55 million in USD on May 19 – with these values currently standing at 429 million ADA and $155.03 million USD. 

On top of that, the seventh-largest digital asset by market capitalization has made an impressive stride in the blockchain space, achieving a milestone by adding more than 1,000 Plutus V1 smart contracts to its network since the beginning of this year, as Finbold reported on May 18.

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