Cardano’s Recent Performance

Cardano’s native cryptocurrency, ADA, is attracting attention in the crypto market, marked by a 70% increase in trading volume over the last 24 hours, alongside a notable price rebound. According to CoinMarketCap data, Cardano’s trading volume is now at $762.92 million, reflecting this 70% increase.

Market Trends

Crypto markets experienced a dip on Monday as traders took profits and awaited new catalysts for their next moves. Major cryptocurrencies Solana (SOL) and XRP saw a 5% decline, while Bitcoin (BTC) dropped 1.1% in the last 24 hours. Dogecoin (DOGE) fell 3%, in contrast to ADA and Ethereum (ETH), which reported gains.

As of the latest update, ADA has risen 6.73% in the past 24 hours, reaching $0.82, marking an 18% increase over the week. After three days of declines, ADA moved from lows of $0.77 to intraday highs of $0.817.

Despite these fluctuations, Cardano remains in consolidation between its daily moving averages of 50 and 200, located at $0.912 and $0.641, respectively. A decisive move either above or below these moving averages could indicate ADA’s forthcoming price trajectory. A breakout above the 50-day SMA targets the $1 price mark.

Cardano’s Growth in Q4 2024

Recent reports from Messari highlight impressive growth for Cardano in Q4. Average daily transactions surged 65% to 71,500, and average daily active addresses increased by 58% to 42,900. Notably, Cardano’s average transaction cost rose by 80% to $0.23, even as the average transaction fee (in ADA) fell by 2% to 0.34. This suggests that the network managed to handle increased transaction activity without significantly raising native costs.

The ratio of transactions to active addresses improved by 6% to 1.7, indicating a more even distribution of activity among users.

Although the total stake and ADA staking rate both decreased by 4%, the overall stake in USD increased by 117% to $18.4 billion, attributable to ADA’s price rise.

Furthermore, Cardano’s average daily DEX volume soared by 271% to $8.9 million in Q4, with top DEXes including Minswap, WingRiders, and SundaeSwap. DEX volume also experienced a 40% year-on-year growth.