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Cardano (ADA) Skyrockets 29% in Volume Amid Crypto Bloodbath
Gamza Khanzadaev
Cardano (ADA) trading volume surges 29% as speculators try to ride the market
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In the last 24 hours, Cardan (ADA) saw a massive 29% increase in futures trading volume, reaching over half a billion dollars, as reported by CoinGlass. This increase reveals a strong shift towards ADA perpetual futures trading, which has outpaced the spot market. According to CoinMarketCap, Cardano’s spot trading volume on exchanges stood at $466 million, bringing the total trading volume to nearly $1 billion.
The trend towards futures trading suggests the more speculative nature of trading compared to long-term investing. The modest change in spot market activity supports this trend, indicating that traders were more focused on trading futures for potential short-term gains.
While traders were actively trading ADA futures, the cryptocurrency market was in a real storm. Nearly a quarter of a billion dollars’ worth of positions have been liquidated in the last 24 hours. According to CoinGlass data, in this period it was the bulls who were most “undermined” by market movements, with 66% of the liquidations taking place on long positions.
ADA to USD by CoinMarketCap
As always, Bitcoin and Ethereum have become leaders in eliminating the deposits of particularly greedy traders. As for Cardan, ADA, to a lesser extent, has become a tool with a high volume of settlements. However, according to the data, of the $400,000 in liquidated positions, $350,000, or 87.5%, went to the bulls.
The increase of ADA Derivatives trading volume amidst the overall market chaos highlights its role in speculative trading strategies. While the overall cryptocurrency market has faced challenges, Cardano futures market activity has increased, highlighting continued interest in ADA during times of uncertainty.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.