Cardano ($ADA) has seen its spot trading volume on so-called Top-Tier cryptocurrency exchanges fall 55.4% in December to $3.52 billion, recording its largest drop in monthly volume since February 2018.
The figures come from CryptoCompare’s latest Asset Report, which details that Cardano also recorded the lowest monthly trading volume since October 2020 and details the drop “highlights the current market sentiment of traders and investors who are still reeling from the steep decline in crypto asset prices this year.”
The report also went into the Essential Cardano’s Guide to the Ecosystem, an open-source research report endorsed by the Cardano Foundation that gave insights into the current projects building on top of the smart contract platform.
A total of 1,151 projects were building on top of Cardano in December 2022, with 32% of those projects being related to non-fungible token (NFT) collections. Community and social decentralized applications, as well as projects related to developer tools, were the other largest sectors, with market shares of 6.7% and 5.8% respectively.
As CryptoGlobe reported, the number of whales on the Cardano network recently started growing, at a time in which the cryptocurrency has been seeing its trading volume rise, along with its price amid a wider cryptocurrency market recovery.
According to on-chain analytics firm Santiment, 20 new addresses holding over 1 million $ADA tokens have popped up recently, after the price of the cryptocurrency jumped more than 30% since the end of December, and as its trading volume rose to a 2-month high.
Notably, the cryptocurrency community has set a bullish price target for $ADA this month, presumably taking into account the network’s growing adoption. The average of nearly 3,400 cryptocurrency community members pointed to the smart contract platform’s price trading at $0.495 by the end of January, representing an 83% rise from $ADA’s initial $0.27 level.
It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. According to the platform, the community’s historical accuracy is of little over 41%, with recent data showing it was at around 60% in September and October 2022 to hit 6.8% in December.
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