Recent data indicates significant growth in derivatives trading volumes related to Cardano (ADA), as well as in the spot market.
Rise in Derivatives Trading Volume
According to CoinGlass data, the trading volume of derivatives associated with Cardano (ADA) has surged by 251% today. In the last 24 hours, the total turnover of perpetual futures on the ADA token reached $1.45 billion, positioning Cardano as the 10th largest in the crypto derivatives market.
Spot Market Boom
The spot market for the ADA token is also booming, as reported by CoinMarketCap, recently reaching $1.24 billion, which is 188.73% higher than the day before.
Cardano (ADA) Price Outlook
The increase in trading volumes is likely due to the significant price rise Cardano has experienced lately, up 31.3% since the beginning of the week. Consequently, the price of ADA hit a high of $0.45, a level not seen since July.
The sharp rise in trading volumes and the ADA token price elevates Cardano in cryptocurrency rankings, attracting trader attention and generating positive market sentiment.
