Cardano ($ADA) Sees Largest Monthly Volume Drop Since February 2018, Spot Volume on So-called Top Tier Cryptocurrency Exchanges Falls 55.4% to $3.52 Billion in December Did.
Numbers are the latest from CryptoCompare asset reportCardano also detailed its lowest monthly trading volume since October 2020, “underscoring the current market sentiment of traders and investors who are still reeling from the sharp drop in cryptocurrency prices this year. doing”.
This report is also included in Essential Cardano’s Guide to the Ecosystem, an open-source research report endorsed by the Cardano Foundation that provides insight into current projects built on the smart contract platform.
A total of 1,151 projects were built on Cardano in December 2022, and 32% of those projects were related to non-fungible token (NFT) collections. Projects related to community and social decentralized applications and developer tools were the other largest sectors with market shares of 6.7% and 5.8% respectively.
As reported by CryptoGlobe, the number of whales on the Cardano network has recently started increasing. This is a time when cryptocurrency trading volumes are increasing and prices are rising amid a broader recovery in the cryptocurrency market.
According to on-chain analytics firm Santiment, cryptocurrency prices have risen by more than 30% since the end of December, with transaction volumes hitting a February high.
Notably, the cryptocurrency community has set a bullish price target on $ADA this month, likely given the increasing adoption of the network. An average of about 3,400 cryptocurrency community members pointed out that by the end of January the smart contract platform price traded at $0.495. It represents an 83% increase from $ADA’s initial $0.27 level.
It is important to point out that the predictions of the cryptocurrency community may not hold true at all. According to the platform, the community has a historical accuracy of just over 41%, and recent data shows it was around 60% in September and October 2022, and in December he reached 6.8%.
image credit
via main image unsplash
.
