Cardano

Despite the prices of most assets on the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> market recording a <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> streak in recent weeks, Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) is recording impressive results in other departments, including transaction volume and count, active <a href="https://finbold.com/guide/crypto-wallets/" rel="noopener noreferrer nofollow">crypto wallets</a>, and accumulation by large holders.Indeed, <a href="https://finbold.com/guide/how-to-buy-cardano/" rel="noopener noreferrer nofollow">Cardano</a> has recorded a significant increase in daily transaction volume, growing by 205.01% since the year’s turn, with more than 26 billion ADA transacted per day, according to the Cardano <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">blockchain</a> analysis by <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> monitoring platform IntoTheBlock <a href="https://twitter.com/intotheblock/status/1660625446633889793" rel="noopener noreferrer nofollow">shared</a> in a Twitter thread on May 22.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4b54adf409914b4881cec378ffdc5a79.png" />Cardano year-to-date (YTD) daily transaction volume. Source: <a href="https://twitter.com/intotheblock/status/1660625455504846850" rel="noopener noreferrer nofollow">IntoTheBlock</a>As per the platform’s observations, the transaction count has remained stable during bear market conditions, witnessing a 33.45% increase from the yearly lows and a recent notable peak in daily transaction volume, reaching a three-month high of 98,000 transactions in one day.<h2 id="header-0">What about users?</h2>Furthermore, the most engaged group of users within the network during the observed period were those involved in trades between $10 and $100. Specifically, during the above-mentioned three-month high, these traders accounted for 28% of all transactions on the chain.Finally, Cardano has also recently seen spikes of more than 1,500% in net flows by large holders over the previous 30 days, signaling that ADA <a href="https://finbold.com/guide/what-is-hodl/#Whale" rel="noopener noreferrer nofollow">whales</a> were accumulating. As the chart indicates, on April 27, this net flow spiked to 969.72 million ADA in a single day.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/146f69f3a2e44090a87b0d7517da585c.png" />Cardano large holders net flow. Source: <a href="https://twitter.com/intotheblock/status/1660625464262524934" rel="noopener noreferrer nofollow">IntoTheBlock</a><h2 id="header-1">Cardano price analysis</h2>In the meantime, the price of Cardano currently stands at $0.37, demonstrating an increase of 1.42% on the day, as it is trying to reverse the losses of 0.44% across the past week and of 6.35% in the last month, as per data retrieved by Finbold on May 22.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0c9a97ae6d5e4f5c965f7d171b178285.png" />Cardano 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">Finbold</a>Meanwhile, Cardano was recording substantial results in more areas. Earlier, Finbold <a href="https://finbold.com/cardano-staking-value-nears-400-million-ada-in-total-value-locked/" rel="noopener noreferrer nofollow">reported</a> on the <a href="https://finbold.com/topic/cardano/" rel="noopener noreferrer nofollow">Cardano ecosystem</a> approaching a total value locked (TVL) of 400 million ADA tokens and $148.55 million in USD on May 19 – with these values currently standing at 429 million ADA and $155.03 million USD.On top of that, the seventh-largest digital asset by market capitalization has made an impressive stride in the blockchain space, achieving a milestone by adding more than 1,000 Plutus V1 smart contracts to its network since the beginning of this year, as Finbold <a href="https://finbold.com/cardano-adds-over-1000-smart-contracts-since-start-of-2023/" rel="noopener noreferrer nofollow">reported</a> on May 18.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Cardano defies crypto downturn as transaction volume soars 200%

Table of Contents

Finbold

Other articles published on May 23, 2023

RNDR token surges, as Render Network introduces new feature

Empowering Farmers: Innovations and Solutions to Safeguard Agriculture

OKX Applies to Become a Registered Digital Asset Service Provider in France

Could $MG Be the Next $PEPE Sensation? One Investor Turns $27 into $1M in A Week!

How to Stake Solana on Binance

Russian lawmakers propose amendments to digital ruble bill

Join our free newsletter for daily crypto updates!