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Despite lagging behind from its April peak, Cardano is making waves in the crypto community by defying broader market trends with a significant increase in its on-chain transaction volume.
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Cardano, one of the top blockchain platforms, bucked broader market trends with an increase in its on-chain transaction volume, according to recent data provided by Sentiment, despite a depressed market value in relation to April highs. Used to be.
Data from cryptocurrency tracking site CoinGecko shows that Cardano is currently trading at $0.257058, up 0.7% against the USD and 0.4% against bitcoin.
The platform has a market capitalization of over $9 billion, with a 24-hour trading volume of approximately $97 million.
Nevertheless, what is catching the attention of industry analysts is the steady growth in on-chain transactions, which shows utility and demand beyond speculative trading.
Utility is often a driving factor behind a cryptocurrency’s value, providing a measure of its real-world application and long-term stability. Despite the weak market performance, the increased on-chain activity for Cardano suggests a strong network that is being actively exploited. This could potentially set the stage for an eventual market rebound, especially when it is combined with what sentiment observers call “substantial social dominance,” or the general sentiment and buzz around a particular asset in online forums and social media channels. .
However, it is worth noting that the cryptocurrency market is extremely volatile and is often affected by a number of factors ranging from regulatory news to macroeconomic indicators. Therefore increasing on-chain transactions, which may indicate strong utility, does not guarantee immediate price growth. The lack of new money entering the market may prevent a rally in prices in the short term.
According to analysis by U.Today, the price outlook for ADA is bearish as the coin failed to gain ground above the resistance level of $0.257.
Source: u.today
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