According to U.Today, the trading volume of derivatives on Cardano (ADA) has surged by 68% in the last 24 hours, based on data from CoinGlass. The volume of ADA trading in perpetual futures across all major crypto exchanges has reached $391 million. Additionally, spot market data from CoinMarketCap shows a 64% increase in volume to $350 million, bringing the combined trading volume of the Cardano token to $740 million over the past 24 hours. This represents 6.16% of ADA's market capitalization, indicating a normal level of trading activity.
Despite the significant increase in trading volume, the price of ADA experienced a notable rise, climbing nearly 7% today. The token's price started at $0.322 and quickly soared to $0.344 within a few hours. While this may seem modest for the crypto market, it is substantial for a multi-billion dollar asset like Cardano. However, ADA encountered resistance at this level, leading to a sell-off that pushed the price down.
The simultaneous spike in both price and volume suggests that Cardano, the 10th largest cryptocurrency, is currently attracting increased attention. The future of Cardano remains uncertain, but the recent developments indicate that it is worth monitoring closely for further unusual activity.
