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Cardano (ADA) price has plummeted with the wider cryptocurrency market posting daily losses. The price of ADA stands at $0.4433, a 4% decline in the last 24 hours, signaling bearish pressure. This week’s drop in the asset follows a similar decrease in top assets as sentiments continue to plunge.&nbsp;
While market liquidations have been sparked by <a href="https://coingape.com/trending/is-this-crypto-bull-run-another-bubble/" target="_blank" rel="noopener noreferrer nofollow">macroeconomic factors</a> and a tighter SEC regulatory stance, industry factors have also plunged Cardano’s momentum. Weekly and monthly flows for the asset are at 5% and 28% respectively.&nbsp;
<img decoding="async" class="aligncenter size-full wp-image-196494" src="https://coingape.com/wp-content/uploads/2024/05/ADA_1D_graph_coinmarketcap.jpeg" alt="" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/05/ADA_1D_graph_coinmarketcap.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/05/ADA_1D_graph_coinmarketcap-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/ADA_1D_graph_coinmarketcap-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/ADA_1D_graph_coinmarketcap-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/05/ADA_1D_graph_coinmarketcap-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px">
<h2 id="span-style-font-weight-400-strong-on-chain-factors-hinder-cardano-strong-span">On-chain Factors Hinder Cardano&nbsp;</h2>
The plunging price of ADA is due to reduced transaction volume as well as decentralized finance (DeFi) activities. Cardano’s daily trading volume is down 0.50% to $275 million. Alongside trading volumes, on-chain activities have also slowed. Data from <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Cardano?volume=false&amp;price=false&amp;tvl=false" target="_blank">DeFiLlama</a> show totals of $274 million in total value locked (TVL).&nbsp;
This shows a 4.45% decline from previous levels from yesterday. Cardano volumes on DeFi protocols have a 22-% weekly change with most platforms recording losses. Minswap and Indigo are down 4% in volumes with the platform’s TVL failing to $68 million and $61.2 million.
Last month Cardano also reported reduced on-chain factors inspired by total crypto liquidations. Other assets like Bitcoin (BTC) and Ethereum (ETH) have also seen weakened volumes in the last 24 hours. Both assets are down 1.6% and 2% respectively with monthly losses extending to double digits. These exits have also affected the memecoin ecosystem in the same period.&nbsp;
<h2 id="strong-are-bulls-wrong-strong">Are Bulls Wrong?</h2>
This year, bulls projected record highs for Cardano on the back of price upticks recorded in Q1 coupled with partnerships and positive on-chain sentiments. This year, <a href="https://coingape.com/charles-hoskinson-teases-cardano-and-bitcoin-cash-partnership/" target="_blank" rel="noopener noreferrer nofollow">Charles Hoskinson</a>, the co-founder of Cardano has hinted at potential partnerships including a deal with Bitcoin Cash.&nbsp;
“Would you like to see Bitcoin Cash become a Cardano Partnerchain upgraded with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, thus being the fastest and most useful proof of work chain ever built?”&nbsp;
Despite outflows, bulls still maintain strong momentum based on expected interest rate cuts and the forthcoming US elections.&nbsp;
Also Read: <a href="https://coingape.com/trending/top-celebrities-who-dont-support-crypto-market/" target="_blank" rel="noopener noreferrer nofollow">Top Celebrities Who Don’t Support Crypto Market</a>&nbsp;
The post <a href="https://coingape.com/trending/cardano-ada-on-chain-volume-declines-are-bulls-wrong/" rel="noopener noreferrer nofollow">Cardano’s (ADA) On-chain Volume Declines: Are Bulls Wrong?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Cardano’s (ADA) On-chain Volume Declines: Are Bulls Wrong?

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