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$580M open interest makes Cardano (ADA) the third largest futures market

Published 02/25/2021, 02:35 PM
Updated 02/25/2021, 04:20 PM
$580M open interest makes Cardano (ADA) the third largest futures market
ETH/USD
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ADA/USD
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On Feb. 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.

ADA futures aggregate open interest. Source: Bybt
ADA and LTC 3-day average spot trading volume, USD. Source: Messari Screener
ADA and LTC 7-day average transfers and transactions, USD. Source: Coin Metrics
VORTECS™ score (green) vs. ADA price. Source: Cointelegraph Markets Pro

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