Cardano (ADA) Trading Volume Spikes 251% as Price Surges 31.3%

The trading volume of derivatives linked to the popular cryptocurrency Cardano (ADA) saw an abnormal spike of 251% today

Cardano (ADA) derivatives trading volume surged by 251%, reaching $1.45 billion in the last 24 hours, making ADA the 10th largest in the crypto derivatives market, according to CoinGlass.

In the meantime, the ADA token spot market is also thriving, with a volume of $1.24 billion as of recently, which is 188.73% higher than the previous day, as reported by CoinMarketCap.

At present, the volume-to-market cap ratio for Cardano is 11.1%, indicating a relatively high level of trading activity.

Cardano (ADA) Price Analysis

The surge in volume can be attributed to the recent rally in Cardano's price, which has seen an increase of over 31.3% since the beginning of the week.

As a result, the price of ADA has reached a high of $0.45, a level last seen in July. The next move for the Cardano token remains uncertain, but this sustained price appreciation has certainly bolstered enthusiasm and optimism among traders for ADA.

This spike showcases a remarkable increase in trading interest, propelling ADA to a prominent position among the top ranks of the sector. With Cardano now back in the limelight and in the top 10 of the cryptocurrency market rankings, it will be intriguing to see if this veteran cryptocurrency can defy the skepticism and continue to rally.