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Cardano (ADA) Skyrockets 29% in Volume Amid Crypto Bloodbath

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Thu, 13/06/2024 - 17:19
Cardano (ADA) Skyrockets 29% in Volume Amid Crypto Bloodbath
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In the last 24 hours, Cardano (ADA) saw a massive 29% increase in its futures trading volume, reaching over half a billion dollars, as reported by CoinGlass. This increase reveals a strong shift toward ADA perpetual futures trading, which has outpaced the spot market. According to CoinMarketCap, Cardano spot trading volume on exchanges totaled $466 million, bringing the total trading volume to nearly $1 billion.

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The trend toward futures trading suggests the more speculative nature of trading over long-term investment. The modest change in spot market activity supports this trend, indicating that traders were more focused on futures trading for potential short-term gains.

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While traders were actively trading ADA futures, the crypto market was in a real storm. In the past 24 hours, positions worth almost a quarter of a billion dollars were liquidated. According to CoinGlass data, it was the bulls, who were mostly "undermined" by market movements during this period, with 66% of liquidations taking place on long positions. 

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ADA to USD by CoinMarketCap

As always, Bitcoin and Ethereum became leaders in eliminating the deposits of especially greedy traders. As for Cardano, ADA, to a lesser extent, became an instrument with a large volume of liquidations. However, according to the data, of the $400,000 in liquidated positions, $350,000, or 87.5%, went to bulls.

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The increase in ADA derivatives trading volume amid general market chaos highlights its role in speculative trading strategies. While the overall crypto market faced challenges, Cardano futures' market activity surged, highlighting the continued interest in ADA during periods of uncertainty.

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