CRYPTONAIRE
WEEKLY CRYPTO investment journal
Cardano’s $1B futures open interest shows ADA is a serious contender
Cardano’s Coinbase listing helped push the open interest on its futures contracts above $1 billion, a signal that investors are seriously interested in ADA. Cardano (ADA) has had an impressive start to the year as it broke through the psychological $1 barrier and made an all-time high at $1.50. The impressive 590% year-to-date gain took place as the network transformed into a multi-asset network, similar to Ethereum, and this could bode well for Cardano’s future. The rally’s final leg seems to be related to the Coinbase Pro listing, announced on March 16, and this resulted in a renewed push to $1.47 on March 18. As Cardano’s price increased, so did its spot trading volume and on-chain transfers, which surpassed Litecoin (LTC). The increased interest from investors also caused Cardano’s futures contracts open interest to increase by five-fold in 2021. Make no mistake, breaking the $1 billion open interest barrier is a feat that only (BTC) and Ether (ETH) have achieved. Moreover, Ether held a $2 billion open interest just three months ago. Therefore, to truly understand if Cardano really deserves the third position in the market capitalization ranking, one should compare its spot volume and on-chain metrics against other altcoins. Read more...
Cryptonaire Weekly | March 23rd 2021
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