The trading volume of derivatives for Cardano (ADAUSD) has surged by an impressive 170% within a 24-hour period, as reported by CoinGlass data. This surge has propelled perpetual futures on the Cardano token to exceed half a billion dollars in trading volume during the same timeframe. Simultaneously, data from CoinMarketCap indicates a 117.88% increase in ADA trading volume on spot markets across various exchanges, totaling $554.9 million traded. Combining both spot and derivatives markets, the total trading volume of the Cardano token has reached $1.09 billion in the past day.
This surge in trading activity coincides with a rise in the price of the Cardano token. Since the opening of the latest daily candle, ADA has experienced a notable increase of over 6%, reaching $0.49 — a level not seen in the past 17 days. The volume growth is likely driven by market participants’ FOMO (fear of missing out). In recent weeks, the low-volatility movement of the Cardano token had left investors and traders depleted, with some jesting that ADA at $0.45 resembled a stablecoin.
The unexpected surge in the Cardano price could provoke both fear and greed among market participants who were previously sidelined, prompting them to invest in Cardano. Nevertheless, the increase in trading volumes signifies heightened interest and attention on the popular cryptocurrency, potentially leading to increased volatility and market dynamics.
