Cardano (ADA) Volume Skyrockets 428% Despite Worst Crypto Bloodbath
2025-02-03
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The broader digital currency ecosystem recorded its worst single-day bloodbath this year, with assets like Cardano ADAUSD at the forefront. At the time of writing, the ADA price changed hands for $0.7012, down by 20.53% in the past 24 hours. The coin dropped to $0.5648 in earlier trading, its lowest level in nearly 90 days.
Cardano volume took different turn
Despite the selloff, one unique Cardano metric, the transaction volume, recorded an impressive rally. 
Per data from CoinMarketCap, the Cardano volume is up 428.86% to $3.77 billion. This boost in trading volume is not commensurate with the price outlook, thus implying traders were in flight mode over the weekend.
Market data shows that more than $36 million has been lost by ADA traders in the past 24 hours via liquidations. Long traders suffered the most, with over $31 million taken out unduly. With the crypto market drawdown triggered by the tariff war in North America, the effect appears comprehensive across all markets.
At the moment, a high level of volatility has been introduced into the Cardano trading ecosystem. After this multi-month low price, the coin has inked some rebound, but generally, the coin is not out of the woods yet.
Catalyst to watch and Bitcoin influence
Amid this unusual price slump, Cardano traders will likely focus on new anchors as the price recovers. These new anchors might include fundamental ecosystem updates and how they may shape the ADA ecosystem.
With the Plomin hard fork going live in the past week, Cardano proponents are now looking forward to how this upgrade can impact ADA accumulation and price outlook. In addition, ADA's whale activity is in the spotlight, as a large buying trend can trigger positive sentiment.
Meanwhile, the ADA-BTC correlation may yield a positive boost in the mid-to-long term. Bitcoin has stabilized its latest sell-off, hinting that Cardano may soon follow suit.