Cardano

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/cardano-ada-on-chain-activity-extremely-suspicious" rel="noopener noreferrer nofollow">Cardano's ADA</a> token has witnessed a staggering 80% surge in derivatives trading volume over the past 24 hours, marking a significant shift in market dynamics, as reported by&nbsp;<a href="https://www.coinglass.com/currencies/ADA" rel="noopener noreferrer nofollow">Coinglass</a>. The data reveals a substantial increase in the trading volume of open-ended futures on ADA, totaling nearly $700 million within the specified period.
Expanding the scope to include spot market transactions, the overall trading volume for Cardano's token has exceeded an impressive $1 billion in the last day alone. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="7873edf8-d221-4097-8496-8a0c6a92fd21" src="https://u.today/sites/default/files/inline-images/cardano_1.png">Source: <a href="https://www.coinglass.com/currencies/ADA" rel="noopener noreferrer nofollow">Coinglass</a>
This surge in trading activity represents 6.25% of Cardano's total market capitalization, indicating a normative level of engagement. Currently holding the position of the eighth largest digital asset with a market capitalization of $16.16 billion, Cardano continues to be a prominent player on the cryptocurrency market, according to CoinMarketCap. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="dd805340-2c50-4ba3-930e-7cea30ded306" src="https://u.today/sites/default/files/inline-images/cardanooooo.png">ADA to USD by <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
However, amid the surge in trading volume,&nbsp;<a href="https://u.today/cardano-outperforms-polkadot-ethereum-in-recent-development-activity" rel="noopener noreferrer nofollow">ADA</a> experienced a notable 9.5% drop in the past 24 hours, reaching its lowest value since December at $0.4521. This zone has historically served as a bottom for&nbsp;<a href="https://u.today/cardano-sees-massive-27-billion-ada-whale-transactions-amid-price-drop" rel="noopener noreferrer nofollow">Cardano</a>, witnessing multiple instances of recovery after prolonged falls, notably in the spring and summer of 2022.
Interestingly, the majority of liquidations in ADA trades within the last 24 hours, amounting to 95.24%, were associated with long positions. This suggests that while many bullish traders anticipate a potential bottom in ADA's price, the increased appetite for risk and the inherent unpredictability of the crypto market are tempering these expectations.

Cardano Skyrockets 80% in Trading Volume, Indications of ADA Price Bottom Emerge

U_Today

Other articles published on Jan 23, 2024

Market Clarity: Multiple Bitcoin ETF Addresses Disclosed To The Public

OKX To Compensate Users Affected by OKB Token Flash Collapse

Analyst Forecasts XRP’s Bullish Track to Reach $27 Despite Recent Dips

5 Reasons Why Bitcoin (BTC) Price Crashes; A Dip To $32.7K Ahead?

Michael Saylor Shares Cryptic Post, Is Next Bitcoin Buyup in View?

VARA Turns Dubai Into Premier Hub for Safe Virtual Transactions

Join our free newsletter for daily crypto updates!