As a seasoned crypto investor with battle-scarred fingers from navigating the wild west of digital assets, I find myself intrigued by the recent surge in trading volume for Cardano (ADA). The 31% increase in derivatives trading and the 20% spike in spot market activity within a single day is a sight to behold, reminiscent of a gold rush but with fewer pickaxes and more screens.
Based on information from CoinGlass, there’s been a significant surge in the trading volume of derivatives tied to the well-known cryptocurrency Cardano (ADA). In just the last day, this increase has amounted to an impressive 31%. The data also shows that over $457.71 million was traded in Cardano perpetual futures during the reviewed period.
Furthermore, the trading activity on Cardano’s spot markets has significantly increased – a 20% surge in the past 24 hours, peaking at approximately $358 million. This surge contributes to a total trading volume of more than $800 million for ADA across all markets.
Given that the overall market value stands at approximately $13.9 billion, it’s worth noting that the trading volume-to-market cap ratio amounts to about 5.75%. This suggests a typical level of investor activity, indicating no unusual or extraordinary conditions.
Key support for ADA
Nevertheless, it remains 20% above the previous day’s level, and even 30% higher in some cases. This surge can undoubtedly be attributed to the fact that the price of ADA has touched a significant support point at approximately $0.38, leading to increased activity on Cardano.
Starting from Monday, the value of the Cardano token decreased approximately 5% over the course of the week, experiencing the steepest drop on yesterday. This decline brought the ADA token to a significant support level, making it an appealing investment opportunity for logical traders due to its reduced price.
The current situation hinges on whether Cardano maintains its position above the present level or drops below it. At this point, $0.38 serves as a foundation, but if broken, it could become a barrier, and overcoming it would prove difficult.
However, the same goes for a move below it, so ADA bulls have little to worry about at the moment.
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2024-08-02 14:13