The post Cardano Traders Commit 1.28 Billion ADA in Open Interest appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Cardano (ADA) has, in the last 72 hours, experienced intense price volatility. Notably, after the ninth coin by market capitalization failed to breach the $1 psychological level, it plummeted to a low of $0.8725. ADA soon recovered, and as the token retested the critical $0.9 level, Cardano traders committed 1.28 billion ADA in open interest (OI). Cardano’s open interest signals investor confidence Data from CoinGlass revealed a 1.87% increase in OI from traders in the last 24 hours. This has pushed the value of open interest in ADA to $1.23 billion. Notably, this figure signals renewed confidence from Cardano investors on the market. Related This slight increase shows that more traders are investing in ADA and are confident about the future outlook of the digital currency’s price. Four different crypto exchanges registered significant leads on the broader market. They include Gate.io, Binance, Bybit and Bitget. All four exchanges were in the $200 million range. Notably, Gate.io led with $296.51 million, or 307.51 million ADA, committed by futures traders. This represents 24.16% of the cumulative open interest for ADA. Binance, Bybit and Bitget followed, with $275.94 million, $265.73 million and $251.46 million, respectively. In that order, these represent 22.49%, 21.65% and 20.49%. These four exchanges accounted for the bulk of the OI, which is over 88% of all…

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Filed under: News - @ January 29, 2025 6:27 am