Cardano experienced significant growth this week, leading to increased investor profitability and changing market sentiments.
Cardano's Recovery Post-Hoskinson's Statement
Following statements from Cardano's founder Charles Hoskinson about possibly aiding in crypto policy under the Trump administration, ADA surged to $0.599 with trading volumes surpassing $3.6 billion. However, a subsequent 4.09% correction left the market cap at $20.98 billion.
Slowdown in Cardano's Derivatives Market
The derivatives market for Cardano saw a drop in trading volumes by 25.45%, with open interest decreasing by 10.95%. Options trading activity fell by 92.94%, showing decreased investor interest in ADA, though traders remain optimistic on exchanges like OKX and Binance.
Institutional Investor Enthusiasm and Market Impact
Cardano's institutional investors made high-value transactions worth $34.26 billion, with large holders managing 29% of ADA supply. Cardano shows a correlation with Bitcoin at 0.81, but a 0.24% decline in Telegram suggests retail investor pullback. Despite high RSI, indicating potential short-term slowdowns, investor confidence remains strong.
Despite volatility, Cardano shows solid growth supported by institutional investments and the activity of large investors.
