Cardano (ADA) jumps 8% in 24 hours, but what does on-chain sentiment data show?

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As we continue to monitor the long-term trend of the Cardano (ADA) cryptocurrency, we see that it has been on a slow but steady rise since late 2017. The cryptocurrency currently has a market cap of $4.45 billion, and there has been a significant amount of debate regarding the future of the cryptocurrency. Some experts are claiming that Cardano (ADA) could be one of the next-gen cryptocurrencies, but others are claiming that it is useless. (This is especially true when you consider the fact that Cardano (ADA) only offers a handful of features while other cryptocurrencies offer dozens.)

The Cardano (ADA) blockchain has seen a significant price spike today, rising as much as 8% in 24 hours, but what does on-chain sentiment data show about the reason for the jump? Cardano’s price jumped over 8% earlier today, following a notable gain of around 8.5% yesterday. The price rise has been accompanied by a spike in trading volume, with high trading volumes recorded on the Bittrex and Upbit exchanges. (see below in image)

Cardano (ADA) is up 8% in 24 hours, but what does the channel’s sentiment data show?

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Edge ‘ Cardano ‘ Edge

Shaurya Malwa – 29. April 2021 at 2:04 UTC – 2 min read

ADA, Cardano’s own smart contract platform token, is up 8% in the past day amid rising public sentiment for the broader ecosystem, according to data from multiple sources.

ADA up Cardano, for the uninitiated, operates on a proof-of-stake consensus scheme that allows coin holders, called stackers, to mine or confirm block trades based on the number of coins they have.

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