The most recent data reveals that Cardano’s daily transaction volume has reached a staggering 27.5 billion ADA. However, despite this impressive volume, the asset has experienced a 7% decline in the last week and is currently trading at $0.456188.
Cardano, the eighth largest cryptocurrency in terms of market capitalization, has been able to achieve such high transaction volumes despite struggling to increase its price. According to IntoTheBlock, its daily volume of large transactions has reached 27.59 billion ADA, surpassing the previous figure of 26.9 billion ADA. It is important to note that large transactions in this context refer to those exceeding $100,000 and represent a significant amount of cryptocurrency moved in a single transaction.
Nevertheless, ADA has experienced a 7% decrease in the past 24 hours, trading at $0.456188 at the time of writing. The overall bearish sentiment in the market has resulted in a sentiment score of 2/100, leading to a 14% drop in the asset’s value over the past week. Investors who recently entered the market have suffered a loss of 25% on their investment in the last month. However, the three-month investment return remains positive with a notable surge of 62%.
This downward trend is not exclusive to Cardano, as Bitcoin has also experienced a 5% decrease in the past 24 hours, trading at $38,976.52. In the last week, Bitcoin has seen a 9% decline. Similarly, Ethereum has faced a 7% decrease in the past 24 hours, trading at $2,212.31. Over the course of the week, Ethereum’s value has fallen by 12%.
Analysts suggest that ADA may reverse its current trend and reach $1.00 before the end of the year. On average, ADA is expected to reach $1.14 or even trade at $1.28 by December 31st.
The large transaction volume serves as a metric to estimate the total amount of cryptocurrency transacted by whales and institutional investors.
The Cardano Foundation has been actively working on partnership programs to expand the use cases and reach of ADA. One recent collaboration involved a blockchain education workshop with Petrobras, Brazil’s state-owned energy company. The CEO of the Cardano Foundation, Frederik Gregaard, emphasized the importance of education in their mission and highlighted the partnership with Petrobras as a significant milestone. The partnership aims to promote blockchain literacy and explore new use cases for the technology.
During the partnership, discussions were held regarding the potential and diverse use cases of blockchain technology. The Cardano Foundation conducted two workshops in the Metaverse as part of the agreement.
Petrobras also expressed their enthusiasm for the partnership, stating that it represents a crucial step forward in their mission to leverage blockchain for new applications in the energy sector. Education plays a pivotal role in this collaboration and is at the core of their innovative partnership.
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