Cardano (ADA) is currently gaining increased market attention, as seen by a spike in daily trading volume. The sharp increase in this key metric comes amid a new rally in ADA over the past week.
Cardano volume surges to $678 million
Data from CoinMarketCap shows rising investor activity in Cardano. In the past 24 hours, the ADA trading volume increased by 79.5% to over $678 million.
Within this period, ADA increased moderately by 6%, setting the price at $0.2579. On the weekly chart, ADA also saw a rebound, with the price rallying more than 3.9%.
This rally comes after a period of weakness and consolidation, when ADA traded in a low range around $0.22.
Usually, a spike in trading volume indicates rising investor interest. It means retail and institutional investors are willing to accumulate and invest in Cardano.
Analysts interpret the higher volume, accompanied by the weekly price uptick as a potential sign of building momentum. More traders are entering and reentering their positions.
A surge in volume lends more credibility, suggesting real buying pressure rather than just weak trading.
Note that the 79% spike in ADA trading is a continuation of rising momentum observed earlier this week. On Tuesday, April 7, Cardano trading volume spiked nearly 80% amid a strong bullish price outlook.
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Growing Cardano whales
In addition to rising investor interest, Cardano whales have continued to increase their accumulation. Over the last four months, large investors holding 10 million ADA or more have hit 424. This suggests bullish confidence in the asset despite recent crypto market volatility.
These whales are likely taking advantage of the current low ADA price to increase their portfolio. Since ADA bottomed on Feb. 5, the activities of whales have impacted the price outlook.
Many market participants are optimistic that the growth of Cardano whales will impact the price positively in the long term.
Meanwhile, the crypto market has seen somewhat of a recovery recently, with Bitcoin (BTC) and other assets moving. The BTC price is currently stabilized around $71,7000, Ethereum (ETH) is positioned at $2,251, while XRP moved to $1.37.
As a leading altcoin, Cardano often amplifies moves on the Bitcoin market. Thus, if this pattern repeats the cycle, ADA could easily see its price hitting a new all-time high.
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