Cardano Reaches $1 Billion Futures Open Interest After Coinbase Listing

Cardano Reaches $1 Billion Futures Open Interest

Long Beach (CoinChapter): Cardano has been one of the best-performing cryptocurrencies this year. The latest rally seems to be due to the March 16 announcement that it would be listed on the Coinbase exchange. That announcement resulted in a new push to as high as $1.47 on March 18, though it has since retreated down to $1.29 at the time of writing. Regardless, there remains an increased investor interest in Cardano which has now broken the $1 billion open interest barrier. This is something only Bitcoin and Ether have accomplished.

According to Nomics transparent exchange volume, ADA had a $97.5 billion trading volume in 2021. This is above the likes of Litecoin, Ripple, and Polkadot. This is a promising number, but is only one part of the story.

Cardano Appears To Be Decoupling From Other Altcoins

Cardano appears to be decoupling from the other altcoins, reaching 85,000 daily active addresses. Additionally, there seems to be no indication of any fabricated numbers. The growth path of the altcoin seems organic and is in line with the volume activity.

But to confirm whether those addresses have been active, you must assess transfers and transactions or the total amount of value effectively circulating on each network. Cardano again looks strong here as the network daily transfers and transactions average $4.5 billion per day. That is six-times higher than its competitors. As such, ADA’s on-chain activity does provide some support for the $45 billion market capitalization.

VORTECS data from Cointelegraph Markets Pro also began to detect ADA’s bullish outlook on March 16 before the price rise. The VORTECS score is an algorithmic comparison of historical and current market conditions derived from a combination of data points. 12 hours before the Coinbase listing announcement, the VORTECS score registered a high of 66. The price then rose 18% following that signal.

But despite all these metrics, Cardano may still have a short window of opportunity to take advantage of challenges caused by congestion on the Ethereum network.

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