Cardano (ADA) Soared 29% Amid Crypto Market Storm

Cardano (ADA) jumped 29% amid a crypto market storm (Photo; Doc. Forbes)

JAKARTA - Cardano (ADA) recorded a surprising increase. Within 24 hours, this digital asset jumped by 29%, with trading volumes reaching fantastic figures, over half a billion US dollars (approximately IDR 8.1 trillion). Reports from CoinGlass show that this is not just a breath of fresh air, but a significant shift towards ADA futures trading, which now dominates the spot market. Data from CoinMarketCap reveals that Cardano's spot trading volume on the exchange reaches 466 million US Dollars (approximately IDR 7.6 trillion), bringing the total trading volume close to 1 billion US Dollars (approximately IDR 16.3 trillion).

This shift to futures trading indicates that speculation is the first choice of traders, compared to long-term investment. Spot market activity that is experiencing only moderate changes further strengthens this trend, suggesting that traders are more interested in futures trading to get short-term profits.

However, in the midst of busy futures ADA trading activity, the crypto market as a whole faces turbulence. In the last 24 hours, a position worth nearly a quarter billion dollars has been liquidated. Data from CoinGlass shows that the bulls, or traders betting on price increases, are the biggest victims in this market turmoil, with 66% of liquidation taking place in a long position.

ADA became a significant liquidation volume instrument. Based on existing data, of the 400,000 US Dollars (approximately IDR 6.5 billion) in a liquidated position, 350,000 US Dollars (approximately IDR 5.7 billion) or 87.5% were long positions.

The increase in ADA's derivative trading volume amid market chaos highlights its important role in speculative trading strategy. Although the crypto market in general faces challenges, futures Cardano's market activity is on the rise, suggesting that interest in ADA remains strong despite uncertainty.