Cardano (ADA) has again breached the $1 mark, pushed by bullish sentiment in the cryptocurrency market. ADA users have bet heavily on the coin, as revealed by a significant uptick in Open Interest (OI). The 9.7% surge took place in the last 24 hours.
Binance leads Cardano Open Interest trend
CoinGlass data, a crypto analytics platform, shows that the Cardano Open Interest surge saw futures traders committing 893.31 million ADA, a return to peak levels. This is worth $953.47 million at current market value.
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This indicates confidence and sustained interest from investors in the Cardano community. Interestingly, the figures were down by 1.48% in the last four hours and recorded a massive shift within that time frame and now.
Binance led the list of exchanges, dominating the ADA Open Interest outlook with a 33.74% market share. This is equivalent to 301.38 million ADA valued at $321.76 million. Others include Bybit and Bitget, with 28.25% and 17.92% share, respectively, translating to $269.40 million and $170.95 million.
Meanwhile, Cardano’s price trajectory within this period has shown intense fluctuations in the crypto market.
ADA climbed to a height of $1.116 before market volatility dropped to a low of $1.0616. At the time of this writing, ADA was trading at $1.06, representing a 2.49% increase in the last 24 hours,according to CoinMarketCap data.
Community optimism and future developments
So far, Cardano appears on track to retest the $1.20 price level this January. As earlierreported by U.Today, if history repeats, ADA could easily reclaim the price level given its average growth rate of 20.4% in the month for the past seven consecutive years.
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Furthermore, the community seems to have keyed in Charles Hoskinson’s optimism of the blockchain reaching new heights in 2025. The Cardano founder proposed expanding innovations, sharing a "fire rises" post earlier.
He said this would involve dApps upgrades, Partnerchains, Bitcoin DeFi and Midnight network development.
