$580El interés abierto hace que Cardano (AHI ESTA) el tercer mercado de futuros más grande

En febrero. 3, Cardano conducted a hard fork and successfully integrated the Mary upgrade to the testnet, transforming the blockchain into a multiasset network similar to Ethereum.

This event seems to be one of the reasons for the impressive 475% year-to-date rally of ADA, and the altcoin is now causing unexpected ripples in the derivatives markets.

Since the end of December 2020, ADA’s $81-million aggregate futures open interest hiked to the current $580 millón, becoming the third-largest derivatives market, behind Bitcoin (BTC) y éter (ETH).

Data indicates this was not purely a technical adjustment, as Cardano’s on-chain and trading metrics vastly outperform Litecoin’s (LTC).

ADA futures aggregate open interest. Fuente: Bybt

A week ago, Litecoin led ADA’s open interest by a 50% or higher margin. That all changed over the past five days, as Litecoin’s aggregate futures position was cut by 40%.

Despite facing a similar price correction to Litecoin’s 30% one between Feb. 20 y 22, ADA had $125-million long contracts liquidations, aproximadamente 19% of the open interest at that time.

Fortalecimiento del volumen de operaciones de la ADA y las métricas en cadena

Volume is the first and foremost indicator of investors’ interesar. Independientemente del movimiento de precios, La baja actividad comercial refleja una base de usuarios pequeña o la falta de nuevos participantes., which is especially problematic for cryptocurrencies as an emerging asset class.

ADA and LTC 3-day average spot trading volume, Dólar estadounidense. Fuente: Messari Screener

Aunque partiendo de una base mucho más baja hace tres meses, ADA’s trading volume soared in February, while Litecoin was unable to surpass the $2 billion daily average mark. mientras tanto, ADA’s aggregate spot trading volume at exchanges currently sits at $2.8 mil millones.

ADA and LTC 7-day average transfers and transactions, Dólar estadounidense. Fuente: Métricas de monedas

Cardano’s on-chain metrics also provide insight into its rising use and ADA’s rising open interest. Data shows that up to November 2019, both networks shared a similar level of transfer and transaction value. By mid-2020, Cardano took the lead, getting 10 times more on-chain activity. This difference is now 5 times larger.

En general, both trading data and on-chain metrics validate ADA’s futures open interest flipping Litecoin’s.

VORTECS™ puntaje (verde) vs. Precio ADA. Fuente: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro illustrates that the number of tweets from unique accounts discussing Cardano is 24% higher than the 30-day average over the past 24 horas. Tweet volume is one component of the VORTECSscore that identified bullish conditions for ADA on Feb. 18, before the recent price surge.

Los puntos de vista y opiniones expresados ​​aquí son únicamente los de la autor y no reflejan necesariamente las opiniones de Cointelegraph. Cada inversión y movimiento comercial implica un riesgo. Debe realizar su propia investigación al tomar una decisión.

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Fuente: Cointelegraph