June 8, 2024 at 03:10 AM GST



updated:
June 8, 2024 at 02:39 AM



1 min read



News

  • Cardano’s derivatives trading volume surged by 170% in 24 hours, exceeding half a billion dollars.
  • Spot market trading volume for ADA increased by 117.88%, totaling $554.9 million traded.
  • ADA’s price surged over 6%, reaching $0.49, following a period of low volatility.

Cardano (ADA) has recently experienced a significant uptick in trading activity, with derivatives trading volume surging by an impressive 170% within a mere 24-hour period. 


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This surge has propelled perpetual futures on the Cardano token to exceed the half-billion-dollar mark in trading volume during the same timeframe. Concurrently, there has been a noteworthy increase in ADA trading volume on spot markets across various exchanges, registering a substantial 117.88% rise.

When considering both spot and derivatives markets, the combined trading volume of the Cardano token has surged substantially within the past day. This surge in trading activity aligns with a visible upward trend in Cardano’s price. Since the opening of the latest daily candle, ADA has experienced a solid increase, reaching levels not observed in the past 17 days.

These developments occur amid a phase of relatively low volatility for Cardano, leaving investors and traders eagerly anticipating more significant price movements. References to ADA as a stablecoin at certain price levels had amusingly circulated due to its stagnant price action.

The unexpected surge in Cardano’s price could potentially evoke a variety of emotions among sidelined market participants, prompting them to re-enter the market. Nonetheless, the surge in trading volumes indicates a heightened level of interest surrounding the popular cryptocurrency, suggesting increased market activity in the near future.

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