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Cardano (ADA) enthusiasts are rejoicing as the cryptocurrency witnessed an astonishing surge in price over the past 24 hours, adding a staggering $2 billion to its market value. The cryptocurrency market was taken by storm as ADA soared by over 12%, propelling its market cap to a whopping $18.88 billion.
The surge in price was accompanied by a remarkable surge in trading volume, which skyrocketed by an impressive 62% within the same period. This surge in trading activity has firmly established Cardano as one of the market leaders among the largest cryptocurrencies in terms of returns over the past day, ranking fifth in this regard.
Cardano upsets bears
Data provided by CoinGlass reveals a significant development in market dynamics, with ADA bears suffering a brutal blow. A total of 1.3 million liquidations were recorded with the Cardano token, of which a staggering 1.03 million were short positions – a clear indication of sellers' plight in the face of ADA's bullish momentum.
The increased trading activity on Cardano was anticipated, with reports from U.Today highlighting the heightened interest in ADA as early as yesterday. However, the extent of ADA's surge caught many off guard, particularly investors with bearish sentiments.
As of now, Cardano is trading at $0.53 per ADA, marking its highest value since the end of January. The burning question on everyone's mind is whether this momentum will sustain itself in the days to come.
While the future remains uncertain, there is no denying that ADA has undeniably seized the headlines today, leaving Cardano enthusiasts alike eagerly awaiting what the future holds for this dynamic cryptocurrency.
Denys Serhiichuk
Tomiwabold Olajide
