Huge Activity Increase for Cardano May Be Due to NFTs
Cardano NFT activity is soaring, with 540,000 ADA tokens changing hands over NFT purchases in a 24-hour period.
It might be too early to call the time of death for NFTs, as Cardano (ADA) enjoyed a 52% activity spike as a result of increased NFT purchases.
NFTS accounted for much of Cardano’s trading over the last few days, with a major boost in activity. However, the ADA price is down 4.44% over the last 24 hours, bringing the cost of a Cardano’s token down to $0.4805 (ADA/USD).
The coin has been on the decline for just two days, after spiking around the time of Bitcoin’s halving. Cardano trade volume is up by 14% today, with the coin bringing in $472 million in purchases a day.
That is nothing compared to the billions that Bitcoin (BTC) and Ethereum (ETH) bring in, but it does show that Cardano is still very active, despite a slightly sluggish crypto market right now. Many of the major coins enjoyed long, healthy bullish runs early on in the year but have since slowed down as economic data poured in and showed increasing inflation and decreasing consumer confidence in the economy.
Cardano was one of those coins that soared early on in 2024, gaining nearly 100% by February. It has lost nearly all of those gains now, though.
Cardano’s NFT trading Surge
Data from AMB Crypto showed that NFT purchases made using Cardano surpassed 450,000 ADA tokens in a period of about 24 hours. That remarkable increase demonstrates very clearly that the NFT marketplace is still very active.
There has been much said about the dying out of NFTs recently, with many analysts calling them a dead market and a dying fad. Even though NFT activity has certainly diminished in 2024 compared to last year, it is obvious that there is still a very active market for it, with millions of dollars to be made by savvy investors.
The data suggests that Cardano is thriving in the NFT marketplace, and that ADA tokens are widely accepted by those buying and selling digital artwork.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals