Cardano (ADA) inches closer to the $1 mark as bullish market sentiment fuels its rise. Crypto analytics platform CoinGlass reported a 15% spike in ADA’s open interest within 24 hours. Futures traders now hold 848.99 million ADA, valued at over $761 million.
In the last four hours alone, open interest jumped another 6.49%, even though ADA briefly slipped from its earlier trading high of $0.9281. This reflects continued investor confidence despite minor pullbacks.
Binance and Bybit Lead Trading Activity
Exchanges Binance and Bybit dominate ADA’s open interest, holding 33.3% and 31.65% of the market, respectively. Binance positions account for 282.62 million ADA, worth $253.62 million. Bybit follows with 268.98 million ADA, valued at $241.06 million.
Related article: Cardano Could Surpass Ethereum, Says Top Analyst
ADA’s price climbed 11.6% in the past 24 hours, trading at $0.8954. Market volume surged by 50.73% to $4.13 billion, signaling strong investor interest. Analysts suggest this momentum could push ADA beyond $1 during the current bull season.
Anticipation Builds Around Cardano ETFs
Speculation about Cardano joining the exchange-traded fund (ETF) race may further boost its performance. ETF analyst Nate Geraci recently predicted issuers could file for Cardano ETF products soon, adding to the excitement.
Related article: Cardano Constitution Update Sparks 12% ADA Surge
Cardano recently marked 2,600 days of uninterrupted operations, underscoring its stability. Community members celebrated this milestone, viewing it as proof of the blockchain’s reliability and successful upgrades.
With soaring open interest, increasing volume, and ongoing optimism, Cardano remains a key contender in the ongoing crypto bull market.
