In the last 24 hours, Cardano (ADA) saw a massive 29% increase in its futures trading volume, reaching over $500 million, CoinGlass reported. This rise reveals a strong shift towards ADA perpetual futures trading, which has outperformed the spot market. According to CoinMarketCap, Cardano’s spot trading volume on exchanges amounted to $466 million, bringing the total trading volume to almost $1 billion.
In the last 24 hours, Cardano (ADA) saw a massive 29% increase in its futures trading volume, reaching over $500 million, CoinGlass reported. This increase reveals a strong shift towards ADA perpetual futures trading, which has outperformed the spot market. According to CoinMarketCap, Cardano’s spot trading volume on exchanges amounted to $466 million, bringing the total trading volume to almost $1 billion.
The trend toward futures trading suggests the more speculative nature of trading with respect to long-term investing. The modest change in spot market activity supports this trend, indicating that traders were more focused on futures trading for potential short-term profits.
Alex Dovbnya
While traders were actively trading ADA futures, the crypto market was in a real storm. Positions worth almost a quarter of a billion dollars were liquidated in the last 24 hours. According to CoinGlass data, it was the bulls that were mostly “undermined” by market movements during this period, with 66% of liquidations being on long positions.
As always, Bitcoin and Ethereum became leaders in eliminating the deposits of especially greedy traders. As for Cardano, ADA, to a lesser extent, became an instrument with a large liquidation volume. However, according to the data, of the $400,000 in liquidated positions, $350,000, or 87.5%, went to the bulls.
Alex DovbnyaThe increase in ADA derivatives trading volume amid general market chaos highlights its role in speculative trading strategies. While the broader crypto market faced challenges, Cardano futures market activity increased, highlighting continued interest in ADA during periods of uncertainty.
