Cardano (Island) is one of the most affected assets of the market, while the crypto money market in general has experienced one of the hardest one -day drops of this year. The island declined to $ 0,5648 during the day and saw the lowest level of the last 90 days.
CARDANO transaction volume decomposed from the price movement
Despite a major decrease in the price of Cardano, the volume of transactions increased unexpectedly. According to CoinMarketcap data, the island’s trading volume increased by 453 %in the last 24 hours and reached $ 3.9 billion.
This sudden rise shows a tendency that does not overlap with the price movement and shows that traders have changed their positions against sales pressure. While the panic atmosphere continues in the market, investors evaluate the purchase and sale opportunities in high volatility.
Liquidations and market response
In the last 24 hours, Ada Traders suffered more than $ 36 million. Most of these liquidations came from long positions with $ 31 million. While the decline in the crypto market gained momentum with the influence of trade war tensions in North America, this affected all assets on the market negatively.
Although the island records a slight recovery at the lowest level of 90 days, the market still remains uncertain. High volatility causes price movements to be unpredictable.
The prominent developments for the future of Cardano
Cardano investors focus on the basic developments for recovery after a harsh price drop. New updates about the island’s ecosystem may play an important role in the recovery process.
Plomin Hard Fortu, which was implemented last week, is seen as a critical update for Cardano ecosystem. The effect of this upgrade on island accumulation and price movements is closely monitored by investors. In addition, whale mobility is among the potential factors that can create a positive atmosphere in the market.
Correlation between Bitcoin and Island
Bitcoin began to show a more stable price movement after the last wave of sales. Considering the correlation between Ada and Bitcoin, Cardano is likely to follow this process. If Bitcoin gains strength in the market again, the island is expected to enter the recovery process.
Investors closely monitor the developments that will determine the general trend of the market, while the increase in the island’s transaction volume and ecosystem updates may play a critical role for future price movements.
