Open Interest in ADA Futures Reaches $200M
The price of ADA (Cardano) has increased by over 60% so far this year and this price increase has continued for several weeks.
ADA reached a local peak of $0.412 on February 2, the highest value since November 5 last year. This week, the altcoin started to correct against the backdrop of an outflow of capital from risky assets.
Last night, the price of ADA fell to $0.391, whereas its market cap decreased to $13.573 billion.
According to Santiment analysts, Cardano’s rise was driven by the biggest spike in whale activity in nine months.
The number of transactions in the network for amounts over $100,000 has increased to the highest level since May 2022. The company experts have noted that addresses that control between 1 million and 100 million ADA have resumed buying and fueled the altcoin’s rise.
