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Coinglass data reveals a significant increase in Cardano (ADA) Open Interest (OI) in the last 24 hours. The rise in OI coincides with broader cryptocurrency market factors such as price increases and renewed interest from market whales.
Leading stock exchanges in trading activity
According to the numbers, Cardano's open interest reached 707.38 million ADA, worth approximately $629.47 million. This represents an increase of 1.79% over the past 24 hours. Although it is a small increase, it provides insight into the activities of ADA investors in the broader cryptocurrency market.
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A critical look at the data shows increased trading activity across two exchanges: Bybit and Binance. These two cryptocurrency exchanges recorded $218.78 million and $213.10 million, respectively. Both account for 68.6% of open interest trading activity.
Other exchanges recording volumes in the tens of millions include Bitget, OKX, and BingX, with $83.78 million, $47.74 million, and $29.04 million, respectively. These three stock exchanges contributed 25.5% of trading activity, forming the top five positions.
Signs of increased activity have revived the interest of traders and investors who have decided to return to the ADA market. A decline in the asset's price over the past week could have sparked this attraction to ADA.
Ada is Exchange of hands For $0.8781 as of this writing, which represents an increase of 1.22%. Meanwhile, trading volume rose 22.12% to $863.67 million as more investors flocked to explore the coin.
Will Cardano cross the $1 threshold?
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Analysts highlight that the increase in open interest could fuel the Americans with Disabilities Act Go To cross the $1 price level. Especially with trading volume recording impressive numbers, continued momentum from the community may push ADA to flip $1.
However, they remain cautiously optimistic about Cardano's ability to reach greater peaks. 4.3 billion ADA sale wall On the Cardano path it poses a major hurdle in the price recovery journey.
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