Cardano (ADA) Trading Volume Skyrockets by 68% in 24 Hours, Price Spikes by 7%

The trading volume of derivatives on Cardano (ADA) has skyrocketed by 68% in the last 24 hours, according to data from CoinGlass.

CoinGlass data reveals a remarkable 68% surge in derivatives trading volume on Cardano (ADA) over the past 24 hours. As the data shows across major crypto exchanges for perpetual futures, ADA trading volume has reached $391 million.

Adding spot market data from CoinMarketCap, where volume also increased significantly by 64% to $350 million, brings the combined trading volume of the Cardano token to an impressive $740 million for the past 24 hours. Comparing this to ADA's market capitalization, we get a figure of 6.16%, indicating a normal level of trading activity.

However, examining ADA's price chart reveals an abnormality, with a price increase of nearly 7% today. Commencing at $0.322 per ADA, the token's price rapidly soared to $0.344 within the next few hours, which might seem insignificant in the crypto market but is substantial for a multi-billion dollar asset like Cardano.

At this point, ADA encountered resistance, and sell-off pressure pushed the price down.

The simultaneous occurrence of a price spike and a volume spike suggests that the 10th largest cryptocurrency is garnering increased attention. While the future holds uncertainty for Cardano, these developments are certainly noteworthy, and we can anticipate further interesting movements for ADA.

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