- Cardano futures volume hit $6.96 billion.
- This marks the highest level for Cardano futures in 5 months.
- Analysts believe ADA will soon claim the next trend target of $1.10.
The crypto market is slowly leaning towards altcoin dominance as Bitcoin Dominance continues to dwindle. Already, Ethereum (ETH) has been steadily outperforming Bitcoin (BTC), and soon other altcoins will take the lead. Today, Cardano futures volume hit $6.96 billion, the highest level in 5 months. Analysts believe that the price of Cardano (ADA) is steadily moving towards claiming new trend high prices, starting with reclaiming $1.10.
Cardano Futures Volume Hit $6.96 Billion
This bull cycle saw a significant boost in global crypto adoption, all thanks to large asset managers and globally renowned banks allowing crypto to go mainstream by bringing crypto investment offerings to their web2 customers, and lowering the barrier to adoption. Between futures and ETFs, investing, holding, and trading in crypto have gone up significantly, bringing in more value to the crypto market.
What’s more, the success of futures and ETF crypto offerings has further drawn in more demand for these offerings. Thus, futures and ETFs went from only being available options for Bitcoin (BTC) and Ethereum (ETH) to several altcoins entering this space as well. While altcoin futures options came easily, financial institutions are still working on establishing altcoin ETF options.
As we can see from the post above, Cardano (ADA) futures volume hit $6.96 billion, which marks the highest level Cardano (ADA) futures have hit in 5 months. To highlight, Cardano has been recognized as one of the most bullish altcoin options for the ongoing bull cycle, and the asset is set to hit new ATH prices later in the altseason phase, once it reclaims its previous ATH price and enters price discovery.
So popular has Cardano and ADA become since the last bull cycle that several financial institutions have all filed for Cardano Spot ETF options. Many reputed crypto analysts believe that ADA Spot ETFs could be available to the market much sooner than expected. This move will further propel the price of ADA to higher targets and lead the popular altcoin to hit much higher ATH prices this bull cycle.
ADA Price Could Reclaim $1.10 Soon
As we can see from the post above, the price of Cardano (ADA) is working its way to breaking out of a triangle. If it succeeds, the price of ADA could shoot to the $1.10 trend target, bringing it even closer to its previous ATH target of $3.10 set 4 years ago. According to CoinMarketCap analytics, the price of Cardano (ADA) sits at $0.91, indicating that it has gone up by over 11% in the last 7 days.
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