Cardano NFT volume hits new ATH and surges over 300%

Data shows that the total volume of Cardano-based NFTs has hit a new all-time high after rising more than 300 percent over the past ten days. Cardano Daily NFT Volume Hits New ATH at 4M ADA

After staying low over the past few months, the 24-hour volume on the ADA marketplaces for non-fungible tokens has seen a significant surge over the past month.

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

Here is a chart from the non-fungible token marketplace tracker OpenCNFT, showing the trend in volume for the Cardano-based NFTs over the last year:

As you can see in the chart above, NFT volume on Cardano marketplaces was pretty low in the months between June and early October.

However, as of the start of the current month, the value has seen a strong uptrend as activity has skyrocketed in the ADA non-fungible token marketplaces. There has been a huge increase in volume especially in the last ten days. On Oct. 14, the metric's value was around 943 million ADA, while today it has risen to a whopping 4 billion ADA. This is an increase of more than 320% in a relatively short period of time. While the Cardano NFT environment has been thriving lately, the same cannot be said for the overall market.

NFT trading volumes compared to Cardano

Trading volume in the general NFT market has been very low for months with no apparent improvement in sight. At the time of writing, Cardano is priced at $0.3584, down almost 3% over the past seven days.

ADA has taken a beating lately, but so far the cryptocurrency has managed to stay in the list of the top ten cryptocurrencies by market cap.

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