According to U.Today, the trading volume of derivatives for the cryptocurrency Cardano (ADA) has seen a significant increase of 28.9% in the past 24 hours. Data indicates that perpetual futures on the Cardano token reached a total of $362.30 million during this period.
In addition, CoinMarketCap reports that the volume of ADA trading on spot markets across all exchanges amounted to $306.29 million during the same period. This brings the total trading volume of the Cardano token on both spot and derivatives markets to $668 million over the past day.
Interestingly, while the futures market for the Cardano token saw an increase, the volume on the spot market did not follow suit. Instead, it experienced a slight decrease. This suggests that ADA trading was primarily conducted on the open futures market, indicating a more speculative nature rather than investment-oriented.
The price chart of ADA shows that the token's price increased today, reaching a key level of $0.46, which it was unable to surpass. This level represents a strong price ceiling for the cryptocurrency, which it has struggled to break for a considerable period. There have even been jokes suggesting that ADA is a stablecoin priced at $0.45. However, if Cardano manages to break through this mark, these jokes would likely cease.
