According to CoinGlass statistics, the amount of derivatives traded on Cardano (ADA) has increased by an astounding 170% in a single day. This spike has pushed trade volume for perpetual futures on the Cardano token to almost $500 million within the same time frame.
The amount of ADA traded on spot markets across several exchanges has increased by 117.88%, according to statistics from CoinMarketCap, with $554.9 million transacted overall. The overall trading volume of the Cardano token over the last day has reached an astounding $1.09 billion when you mix the spot and futures markets.
The price of the Cardano token is rising along with this spike in trading activity. ADA has increased significantly by more than 6% from the start of the most recent daily candle, hitting $0.49, a level not reached in the previous 17 days.
It’s possible that market participants’ FOMO is to blame for the volume increase. Due to its low volatility movement, the Cardano token’s price motion has severely drained traders and investors over the last two weeks. In light of this, jokes even started to surface suggesting that ADA, trading at $0.45, is a stablecoin.
Conversely, the unanticipated surge in Cardano’s value may arouse the avarice and panic of others in the market who were left behind, leading them to invest heavily in Cardano. In any event, the rise in trade volumes indicates heightened awareness and interest in the well-known cryptocurrency, which implies more drama and volatility.
