Cardano (ADA) Weekly Trading Volume Soars to Highest Point Since 2021, Signaling Resurgence in Investor Interest

The weekly altcoin trading volume soared to its highest point since 2021, marking a significant milestone. In November, weekly trading volumes have reached above $303 Billion, signaling a resurgence in investor interest in altcoins.

The weekly trading volume for altcoins has hit its highest since 2021, signaling a significant development in the market.

According to data from Kaiko, weekly trading volumes soared to over $303 billion in November, indicating a strong interest among investors in altcoins.

This surge not only reflects growing liquidity but also coincides with a notable increase in the prices of altcoins such as Ethereum (ETH), Cardano (ADA) and XRP.

Attracted by promising technological advancements and the potential for high returns, investors are diversifying their portfolios beyond Bitcoin (BTC), shifting focus towards altcoins.

The heightened activity suggests that the altcoin market is gaining substantial momentum, making it a key component of the broader cryptocurrency landscape.

ADA volume surge and price prediction

Cardano's trading volume has surged along with the broader altcoin market, echoing a similar trend last seen during the 2021 bull market.

This weekly volume spike reflects a growing interest among investors and increased trading activity in the market.

The surge indicates a broader shift in market speculation towards altcoins, away from the previous focus on Bitcoin.

Investors are seemingly regaining confidence in altcoins such as ADA, which could herald further gains, as indicated by the price actions.

ADA's surge recently saw it reclaim a critical resistance level. The ADA/USDT weekly price action shows a breakout from the consolidation phase, signaling strong upward momentum.

With ADA's price now approaching the previous resistance at $0.8, a break and hold above it could see Cardano target the next level at around $3, a price last seen during the 2021 peak.

This recent breakout suggests potential for further gains if ADA can maintain its current trajectory, supported by fundamental improvements within the Cardano network and increased adoption rates.

As ADA approaches the $1 mark, the focus shifts to sustained volume and market support to fuel the ascent towards $3.

Profitability of active addresses

An assessment of the profitability of ADA holders shows that the majority, at 77.80%, are currently positioned near the breakeven point. This spans around 23.91K addresses.

These addresses are largely concentrated within the $0.689 to $0.795 price range, reflecting a substantial accumulation zone that aligns with the current ADA price of $0.751342.

Only 297 addresses, comprising less than 1% of total ADA active holder addresses, are out of the money.

Read Cardano's [ADA] Price Prediction 2024–2025

Furthermore, 21.23% of addresses are in the money, indicating that a small fraction of active addresses are positioned in profits.

This distribution showcases a predominant sentiment of profitability within the Cardano market.