Cardano (ADA) futures trade volume has increased by 29% in the last 24 hours, reaching more than $500 million. This increase shows that more and more people are trading ADA perpetual futures, which are now more popular than trading on the live market.
CoinMarketCap says that $466 million worth of Cardano was traded on platforms, bringing the total value of all the trades close to $1 billion.
This move toward trading futures shows how speculative the market is, with traders looking for short-term gains instead of long-term assets. The small rise in activity on the spot market supports this change even more.
Cardano Faces Market Volatility
During this trade, the crypto market as a whole was going through an abundance of trouble. A quarter of a billion dollars worth of trades have been closed in the last 24 hours. 66% of these liquidations had an effect on long holdings, mostly on traders who were expecting prices to go up.
In these liquidations, Bitcoin and Ethereum were very active, and Cardano also saw a lot of action. Out of the $400,000 in closed ADA positions, $350,000, or 87.5%, were long bets, which shows how speculative the market is.
The fact that the trading volume of ADA derivatives goes up when the market is volatile shows how important it is in speculative trading schemes. Some problems in the market as a whole continued to affect trading in Cardano futures. This shows that people are still interested in ADA even though things are unclear.
