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Cardano (ADA) breaches the $1 mark again, driven by bullish sentiment in the cryptocurrency market. ADA users are betting heavily on the coin, as evidenced by the significant rise in open interest (OI). The 9.7% increase occurred over the past 24 hours.
Binance is leading the open interest trend in Cardano
Queen Glass Data, a cryptocurrency analytics platform, shows that a surge in open interest in Cardano saw futures traders commit 893.31 million ADA, a return to peak levels. That's worth $953.47 million at current market value.
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This indicates the continued trust and interest of investors in the Cardano community. Interestingly, the numbers are down 1.48% over the past four hours and have registered a massive turnaround during this time frame and now.
Binance topped the list of exchanges, dominating the ADA Open Interest forecast with a market share of 33.74%. This equates to 301.38 million ADA worth $321.76 million. Other companies include Bybit and Bitget, with a stake of 28.25% and 17.92% respectively, equivalent to $269.40 million and $170.95 million.
Meanwhile, Cardano's price trajectory during this period showed extreme volatility in the cryptocurrency market.
ADA rose to a high of $1.116 before market volatility fell to a low of $1.0616. At the time of writing, ADA is trading at $1.06, representing a 2.49% increase over the past 24 hours. According to To CoinMarketCap data.
Societal optimism and future developments
So far, Cardano appears to be on track to retest the $1.20 price level in January. As earlier I mentioned By U.Today If history repeats, ADA could easily regain its price level given its average growth rate of 20.4% per month over the past seven years in a row.
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Furthermore, the community seems to have built on Charles Hoskinson's optimism about blockchain reaching new heights in 2025. The Cardano founder suggested expanding innovations and sharing “The fire rises“Posted earlier.
This will include upgrades to dApps, Partnerschains, Bitcoin DeFi, and development of the Midnight Network, he said.
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