The Cardano (ADA) chain has joined the bearish drawdown over the past 24 hours, a trend now reflected in its open interest figures.According to CoinGlass data, Cardano's open interest has dropped by 5.83% in 24 hours, with a total of 1.22 billion ADAs now committed to the futures market.
Cardano by numbers
According to market data, the 1.22 billion ADA is worth approximately $862,000,000, down from its peak above $1.5 billion. Cardano is obviously in safe-flight mode as the market has triggered an intense drawdown in both price and liquidations.
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At press time, Cardano's price has dropped by 4.82% to $0.7063. Over the past 24 hours, the coin traded at a high of $0.7391, a sign that the drawdown is more sustained.
The digital currencylost ninth place to Tron earlier in the trading hours as it recorded a more intensive sell-off than the latter. Known as one of the best performers thus far this month, Cardano has retained a 4.4% uptick in the past 30 days.
The hope of rebounding now hinges on how well it can decouple from Bitcoin moving forward. According to CoinMarketCap data, the coin has recorded a 1.68% surge against the top coin despite BTC leading a comprehensive market sell-off.
If this outlook is sustained, the ADA price might see an ambitious trend flip.
Matching ADA fundamentals
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It is worth noting that Cardano remains one of the blockchain protocols building out its decentralized governance system. WithCardano Foundation, Input Output and EMURGO all channeling resources into developer engagement, the protocol has stayed in the spotlight all year long.
Drawing on its potential, asset managers are also pushing for aCardano ETF product with the United States Securities and Exchange Commission (SEC). Although no new crypto ETF has received approval, the expectation of a green light is high in the long term.
