Cardano NFT volume hits new ATH by over 300%

Data shows that the total volume of the Cardano-based NFTs has reached a new all-time high after increasing by more than 300% in the last ten days.

Cardano Daily NFT volume sets new ATH at 4 million ADA

After remaining low for the past few months, the 24-hour volumes on the ADA non-fungible token marketplaces have observed a significant increase over the past month.

“Trading Volume” is a metric that measures the total number of NFTs traded on marketplaces on a given day.

Here’s a chart from non-fungible token marketplace tracker OpenCNFT showing the trend in volume for the Cardano-based NFTs over the past year:

Looks like the metric has hit a new high in recent days | Source: OpenCNFT

As you can see in the graph above, NFT volume on Cardano marketplaces had been quite low in the months between June and early October.

Related reading: Bitcoin short-term ownership behavior continues to show divergence from price

Coming into the current month, however, the indicator’s value has seen a sharp rise as activity on ADA’s non-fungible token marketplaces has shot up.

Especially in the last ten days, there has been enormous growth in volumes. On 14 October, the value of the metric was around 943 million ADA, while today this has increased to a whopping 4 million ADA.

This is an increase of over 320% in a relatively short time. Also, the last 4 million ADA volumes have been the highest these marketplaces have ever observed.

While the Cardano NFT community has flourished recently, the same cannot be said for the overall market. The chart below shows the trend in the total non-fungible token volume.

The value of the metric has been quite low in the last few months | Source: NonFungible

From the graph, it is clear that trading volumes in the general NFT market have been very poor for several months now, with seemingly no respite in sight.

ADA award

At the time of writing, Cardano’s price is hovering around $0.3489, down 5% in the last seven days. Over the past month, the crypto has lost 23% in value.

Below is a chart showing the trend in the price of the coin over the last five days.

The value of the crypto has jumped back up from the dip a couple of days ago | Source: ADAUSD on TradingView

ADA has taken a beating lately, but so far the crypto has managed to stay within the top ten cryptos by market capitalization as it currently ranks 8th.

Cardano is some distance above the 10th placed Dogecoin at the moment | Source: CoinMarketCap

Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, OpenCNFT.io