The trading volume of derivatives linked to the popular cryptocurrencyCardano (ADA) saw an abnormal spike of 251% today, according to data fromCoinGlass. In the last 24 hours, the total turnover of perpetual futures on the ADA token reached a high of $1.45 billion. By this metric, Cardano emerged as the 10th largest across the entire crypto derivatives market.
Meanwhile, the spot market for theADA token is also booming, as, according to CoinMarketCap, it recently reached $1.24 billion, which is 188.73% higher than the day before.
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At the moment, the volume-to-market cap ratio for Cardano is 11.1%, which indicates a fairly high level of trading activity.
Cardano (ADA): Price outlook
The increase in volume is likely due to the fact that the price of Cardano has been on a tear lately, rising over 31.3% since the beginning of the week.
As a result, the price of ADA reached a high of $0.45, a level not seen since July. What comes next for the Cardano token remains to be seen, but this parade of green candles has definitely increased the sentiment and enthusiasm for ADA among traders.
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The spike reflects a notable escalation in trading interest, positioning ADA prominently among the sector's highest ranks. WithCardano back in the spotlight and in the top 10 of the cryptocurrency market rankings, it will be interesting to see if this market old-timer manages to prove the critics wrong.
