Cardano price has made a swift recovery to $0.54 after hitting a 50-day low of $0.43 on Jan. 23, speculative traders are betting big on further gains.
After two weeks of active Bitcoin ETFs trading, the dreaded sell-the-news cycle that saw the global crypto market capitalization shrink by more than $270 billion between Jan. 11 and Jan. 23 appears to have cooled. The $180 billion uptick in the past week has raised optimism across the altcoin markets.
Layer-1 altcoins lead the crypto market resurgence
As the crypto market entered recovery mode this week, prominent Layer-1 coins, including Solana (SOL), Avalanche (AVAX), and Cardano (ADA), have been at the forefront of the rally.
With 24.1% and 20.2% gains, respectively, Avalanche and Solana have collectively added $14.9 billion in market capitalization between Jan. 23 and Jan. 30.
The chart below notably shows that ADA price is trailing with a lower 16% jump.
While Cardano’s 16.2% increase to a $2.2 billion market cap over the past week is nothing to scoff at, vital derivative market data trends observed on Jan. 30 suggest that ADA price could be next in line for a major breakout.
Cardano records 800% spike in funding rate
Cardano and its rival mega-cap layer-1 coins have stolen the show in the crypto spot markets this week, adding billions of dollars in market capitalization. But looking beyond the price charts, derivatives traders appear to be placing unusually large bullish bets on an imminent ADA price breakout.
CoinGlass’s funding rates metric tracks changes in fees paid by futures contract holders to opposing parties, providing in
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Author: Ibrahim Ajibade
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