Quiz Cardano (Ada) Futures emerged as the fastest growing trade in Bitrue after President Donald Trump announced plans to add Altcoin to a strategic US cryptocurrency reserve, the Crypto Exchange said on March 3.
Until March 3, Bitrue entrepreneurs hold ADA Futures worth more than $ 26 million in a notional value, from a sun -average of more than $ 15 million in late February, according to data from Bitrue.
In open positions, almost 92% long, indicating a stake that the price of ADA will increase, Bitrue said.
“As a result of all this increase in interest, the ADA/USDT (has) has become the fastest growing pair of trade in futures,” the exchange said in an email.
Bitrue is an exchange for trading spot digital assets and crypto futures. Futures are standard in contracts that represent an agreement to buy or sell an asset on a future date.
The notional value of ADA futures. Source: Bitrue
Related: Ada, Sol, XRP rally after Trump’s crypto reserve announcement
In a post 2 post in social reality, Trump said he said to his administration’s digital assets working group to include XRP (XRP), Solana (Sol) and Ada in a US government stockpile.
Later he added Bitcoin (Btc) and ether (Eth) In that list, saying they are in the “heart of the reserve.” Trump has touted plans for a strategic US crypto reserve since mid-2024 but has never been known to add ADA to the stockpile.
The announcement led to a temporary spike in the price of each of the cryptocurrencies Trump mentioned in his post but had the most important effect on ADA, which gained more than 40% in the first 24 hours after Trump’s announcement.
Long/short ratio for ADA futures. Source: Bitrue
Lioshishing Layer-1
Created by Ethereum co-founder Charles Hoskinson in 2015, Cardano was first thought of as a serious competitor at Ethereum.
However, performance and production delay issues have caused the blockchain’s frustration, along with the price of ADA’s native token.
Cryptocurrency’s fully melted appreciation is less than $ 40 billion, compared to more than $ 260 billion for Ether, According to to data from coingecko.
The chain has a total amount locked (TVL) of more than $ 440 million, compared to more than $ 50 billion for the Ethereum network, According to In Defillama.
Magazine: SCB Tips $ 500K BTC, SEC Densterns Ether ETF Options, and More: Hodler’s Digest, Feb. 23 – March 1
