Data shows the total volume of the Cardano-based NFTs has reached a new all-time high after surging up more than 300% in the last ten days.
Cardano Daily NFT Volume Sets New ATH At 4 Million ADA
Ater having remained low for the last few months, the 24 hour volumes on the ADA non-fungible token marketplaces have observed a significant uplift during the past month.
The “trading volume” is a metric that measures the total amount of NFTs being traded in marketplaces on any given day.
Here is a chart from the non-fungible token marketplace tracker OpenCNFT that shows the trend in the volume for the Cardano-based NFTs during the last year:
Looks like the metric has hit a new high in recent days | Source: OpenCNFT
As you can see in the above graph, the NFT volume in Cardano marketplaces had been pretty low in the months between June and the start of October.
Related Reading: Bitcoin Short-Term Holder Behavior Continues To Show Divergence From Price
With the current month arriving, however, the indicator’s value has enjoyed some sharp uptrend as activity in ADA non-fungible token marketplaces has shot up.
The last ten days or so especially have registered some huge growth in the volumes. On 14 October, the metric’s value was around 943 million ADA, while by today this has increased to a whopping 4 million ADA.
This is a rise of more than 320% in a relatively short period. Also, the latest 4 million ADA volumes have been the highest these marketplaces have ever observed.
While the Cardano NFT environment has been thriving recently, the same can’t be said about the overall market. The below chart shows the trend in the total non-fungible token volume.
The value of the metric has been quite low in the last few months | Source: NonFungible
From the graph, it’s apparent that the trading volumes in the general NFT market have been very poor for months now, with seemingly no respite in sight.
ADA Price
At the time of writing, Cardano’s price floats around $0.3489, down 5% in the last seven days. Over the past month, the crypto has lost 23% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.
The value of the crypto has jumped back up from the dip a couple of days ago | Source: ADAUSD on TradingView
ADA has taken a beating recently, but so far the crypto has managed to stay within the top ten crypto by market cap list as it currently places 8th.
Cardano is some distance above the 10th placed Dogecoin at the moment | Source: CoinMarketCap
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, OpenCNFT.io
Hououin Kyouma
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