As Bitcoin continues upward, altcoin bulls forge ahead, with notable gains consistently sustained over a weekly and monthly time frame. Cardano’s ADA, the 9th largest cryptocurrency by market cap, has recently recorded a massive jump in trading volume, particularly across the Japanese market.
Japan has notably driven a surge in ADA’s trading volume over the past week, resulting in a spike in trading volume for ADA/JPY pairs. These pairs emerged as the pairs with the second-highest volume recorded globally over the last 48 hours.
The new development suggests increased demand for the ADA altcoin among Japanese traders and investors. Interestingly, it comes as the global cryptocurrency market prepares for the highly anticipated altcoin season.
According to a report from Taptools, a Cardano trading and tracking platform, the recent surge in trading volume points to structural advancement in Japan’s broader cryptocurrency and finance industry. The Japanese market appears to be opening its doors to the ADA token as liquidity levels continue to soar.
“Volume doesn’t spike in isolation.
It follows infrastructure, regulation, and readiness.
Japan’s appetite for ADA is rising—because the rails are already in place. Liquidity always finds maturity. Cardano’s built for it.” The report read.
It bears mentioning that ADA remains attractive to a larger investor base outside Japan. Taptools revealed that more than 24,000 new ADA wallets were created in May.
The current trend hints at an influx in new ADA holders flocking into the market, as well as long-standing ADA holders adding to their already existing investments.
At press time, ADA is trading for $0.66 per coin. Although the asset is far from retesting its previous all-time high of 0.73%, it has closed the month on a decent note despite its close competitors nursing mild losses.
