Everything seems to be smiling at Cardano. Its ecosystem is developing rapidly and its native crypto, ADA, is showing notable performance. However, despite recent gains, it remains far from the highs reached in September 2021 at $3.09. These developments are nevertheless accompanied by another key indicator: Open Interest (OI), which propels ADA into the spotlight.
Open Interest on the rise: Cardano at the heart of exchanges
In the midst of renewed interest, Cardano, always ready to create a surprise, sees its Open Interest (OI) soar. The latter, which measures the total derivative contracts in progress, jumped 2.69% in 24 hoursreaching 915 million ADAor $1.11 billion according to CoinGlass. A dynamic driven by:
- Binancein the lead with 325.99 million ADA, valued at $394.9 million;
- Bybitwith 284 million ADA;
- Bidgetwhich contributes 136 million ADA.
A craze which reflects a renewed investor confidence and crypto exchange platforms. However, as a tweet from Crypto Town Hall reminds us:
“ Is the rise of the ADA a real impetus or just a fad? “.
If the increase in OI increases the liquidity of ADAit also reflects an increase in margins, with financing rates having fallen from 6% to 2.2%.
ADA crypto booming: signals of strength, but not only that
THE recent ADA performance impress: +89% in two weeks to peak at $1.33its highest level in three years. However, this momentum is not limited to prices. The Cardano network is showing significant progress, as highlighted by Charles Hoskinson, its founder.
With 134,464 transactions per second carried out via Hydra, its scalability tool, Cardano is reaching a new technological milestone.
These results add to increased activity, marked by the exceeding of 100 million total transactions. However, the growth of the ecosystem remains uneven. Some analysts warn against un market potentially overloaded by leverage. A burning question remains: Can ADA maintain this momentum while consolidating its foundation?
If ADA shines with its performance and adoption, a new era is dawning with the rise of crypto ETFs. Bitcoin and Ethereum are leading the way, and altcoins like Cardano and Avalanche are poised to follow, promising major market shake-ups.
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