Tue, 4/06/2024 – 15:48
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According to CoinGlass, the volume of derivatives trading on the popular cryptocurrency Cardano (ADA) has increased by 28.9% over the past 24 hours. Thus, as the data reports, perpetual futures on the Cardano token reached $362.30 million over the past 24 hours.
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Moreover, according to CoinMarketCap, the volume of ADA trading on spot markets among all exchanges amounted to $306.29 million during the period under review. Thus, the total trading volume of Cardano token on spot and derivatives markets amounted to $668 million over the past day.
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It is interesting to note that unlike the futures market for the Cardano token, the volume on the spot market did not increase over the 24-hour period but actually decreased slightly. This suggests that ADA trading was mainly on the open futures market and was more speculative than investing in nature.
Cardano (ADA) price outlook
And there is plenty of room for speculation with Cardano. Looking at the price chart of ADA, we can see that first, the price of the token increased today, and second, it reached the key level of $0.46, which unfortunately it could not overcome.
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This zone represents a strong price ceiling for the popular cryptocurrency, which it has not been able to break for a long time. Against this backdrop, jokes even began to appear that ADA is a stablecoin that costs $0.45. If Cardano is able to break through this mark, or rather ADA buyers bring the token to the zone above, the jokes would quickly end.
