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The trading volume of derivatives on Cardano (ADA) has skyrocketed by 68% in the last 24 hours, according to data from CoinGlass. Thus, as perpetual futures data across all major crypto exchanges states, the volume of ADA trading in this particular space has reached $391 million to date.
If we add here the spot market data from CoinMarketCap, where the volume also increased by 64% to $350 million, then the combined trading volume of the Cardano token is $740 million for the last 24 hours. If we try to compare this to the market capitalization of ADA, we get a figure of 6.16%, which indicates a fairly normal level of trading activity.
However, what we see on the price chart of ADA is not so normal, as it literally skyrocketed by almost 7% today. Starting at $0.322 per ADA, the price of the token quickly soared to $0.344 in the next few hours, which may not be much for the crypto market, but is a lot for a multi-billion dollar asset like Cardano.
Nevertheless, that is where ADA found its resistance, and the sell-off pushed the price of it down.
The convergence of the price spike and the volume spike suggests that the 10th largest cryptocurrency is getting more attention right now. No one knows what is next for Cardano, but it is definitely worth keeping an eye on, as this may not be the end of stranger things for ADA.