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Cardano Skyrockets 80% in Trading Volume, Indications of ADA Price Bottom Emerge

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Tue, 23/01/2024 - 15:05
Cardano Skyrockets 80% in Trading Volume, Indications of ADA Price Bottom Emerge
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Cardano's ADA token has witnessed a staggering 80% surge in derivatives trading volume over the past 24 hours, marking a significant shift in market dynamics, as reported by Coinglass. The data reveals a substantial increase in the trading volume of open-ended futures on ADA, totaling nearly $700 million within the specified period.

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Expanding the scope to include spot market transactions, the overall trading volume for Cardano's token has exceeded an impressive $1 billion in the last day alone.

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Source: Coinglass

This surge in trading activity represents 6.25% of Cardano's total market capitalization, indicating a normative level of engagement. Currently holding the position of the eighth largest digital asset with a market capitalization of $16.16 billion, Cardano continues to be a prominent player on the cryptocurrency market, according to CoinMarketCap.

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ADA to USD by CoinMarketCap

However, amid the surge in trading volume, ADA experienced a notable 9.5% drop in the past 24 hours, reaching its lowest value since December at $0.4521. This zone has historically served as a bottom for Cardano, witnessing multiple instances of recovery after prolonged falls, notably in the spring and summer of 2022.

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Interestingly, the majority of liquidations in ADA trades within the last 24 hours, amounting to 95.24%, were associated with long positions. This suggests that while many bullish traders anticipate a potential bottom in ADA's price, the increased appetite for risk and the inherent unpredictability of the crypto market are tempering these expectations.

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