A prominent digital asset amid the wider market, Cardano (ADA) has seen its market cap add more than $1 billion amid a 100% jump in trading volume. Moreover, the impressive and improbable surge occurred over the last 24 hours to catapult the token to the top ten of cryptocurrency by market cap.
Specifically, Cardano’s rally has led it to a market cap figure of $15.42 billion. Additionally, the increase has placed it firmly as the eighth-largest digital asset by market cap in the entire world. Subsequently, how the asset price continues to maneuver from here will be interesting to observe.
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Cardona Market Cap Adds $1 Billion in 24-Hour Surge
Despite ongoing issues with the regulatory market in the United States, the digital asset industry has endured a rather positive 2023. Indeed, speculation surrounding the arrival of a spot Bitcoin ETF, and Bitcoin’s subsequent rise in price, has led to positive sentiment across the market.
Now, that has appeared to benefit one of the industry’s biggest tokens. Specifically, Cardano (ADA) has added $1 billion to its market cap after a massive 100% trading volume surge. Moreover, that surge took place over the last 24 hours to place the asset as the eighth largest in the world.
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That 100% surge led to the figure reaching a remarkable $750 million, on its way to propelling the asset even higher. Moreover, the price of Cardano is currently situated at $0.44, which denotes an increase of more than 9% over the last 243 hours alone.
Still, many within the industry are cautiously optimistic about the asset’s continued progression. Specifically, some are concerned over an impending price correction. Indeed, many perceived such an increase from established tokens as the behavior of a “dino coin.” Subsequently, they await the point where the price will correct in the near term. Whether that occurs or not, and its potential severity, are important factors to observe in the coming days.