Cardano

bullish

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<p dir="ltr"><a href="https://u.today/cardano-ada-targets-1-bitcoin-could-make-or-break-it" rel="noopener noreferrer nofollow">Cardano</a> (ADA) appears set to cross the $1 level as bullish sentiment remains high on the market. Notably, ADA has recorded an impressive surge in its open interest.</p>
<h2 id="cardano-open-interest-surges-amid-ada-s-bullish-path-to-1">Cardano open interest surges amid ADA’s bullish path to $1</h2>
<p dir="ltr">According to <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow">CoinGlass data</a>, a crypto analytics platform, the Cardano open interest has increased significantly by 15% in 24 hours. Futures traders have committed 848.99 million ADA, worth over $761 million.</p>
<p dir="ltr">The open interest metrics have jumped by more than 6.49% within the last four hours alone. This happened despite ADA losing a few gains after it had reached $0.9281 in earlier trading. This suggests that investors remain confident in the project as the bull market continues.</p>
<p dir="ltr">Analysis of the open interest action shows Binance and Bybit dominating the exchanges with 33.3% and 31.65%, respectively. Binance opened 282.62 million ADA coin positions, valued at $253.62 million, while Bybit registered 268.98 million ADA units, valued at $241.06 million.</p>
<p dir="ltr">With the soaring open interest and broader bullish sentiment from investors, it appears likely that Cardano’s ride to $1 could happen this season.</p>
<p dir="ltr">ADA is <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">trading</a> at $0.8954, a significant 11.6% rally in 24 hours. Market volume has surged by an impressive 50.73% to $4.13 billion. This indicates sustained interest in ADA as it seeks to make a historic mark in the ongoing bull season.</p>
<h2 id="other-factors-boosting-investor-confidence">Other factors boosting investor confidence</h2>
<p dir="ltr">Other external factors, such as the anticipation of Cardano joining the exchange-traded fund (ETF) race, could be aiding the coin’s performance. According to an earlier U.Today report, ETF analyst Nate Geraci has predicted that issuers might file for <a href="https://u.today/cardano-ada-might-join-spot-etf-race" rel="noopener noreferrer nofollow">Cardano ETF</a> products soon.</p>
<p dir="ltr">This prediction is optimistic, given ADA’s recent price performance and several network upgrades to the blockchain. The protocol recently hit a <a href="https://u.today/cardanos-major-uptime-milestone-ada-community-reacts" rel="noopener noreferrer nofollow">milestone</a> of 2,600 days of uninterrupted operations, highlighting its increased stability.</p>
<p dir="ltr">Members of the Cardano community were impressed by the achievement, as it suggests that the various upgrades to the chain have paid off.</p> <a href="https://u.today/cardano-ada-open-interest-soars-15-to-hit-new-high" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Cardano (ADA) Open Interest Soars 15% to Hit New High

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