ADA Surges 5.41% as Derivatives Activity and Institutional Interest Drive Cardano Momentum

Cardano (ADAUSDT) has experienced a 5.41% price increase over the past 24 hours, rising from 0.8093 to 0.8531 USDT on Binance. This upward movement is primarily attributed to heightened derivatives market activity, with open interest in ADA perpetual contracts increasing by 16.3% to $1.44 billion and a positive funding rate, indicating strong buying interest. Additional factors supporting the price surge include positive sentiment following the U.S. House of Representatives' procedural vote on a cryptocurrency bill, speculation around a potential Cardano ETF, and reports of an institutional-grade upgrade partnership. On-chain activity also saw a notable transfer of 74 million ADA between unknown wallets, further reflecting increased market engagement.

Currently, ADA trades at 0.8531 USDT with a 24-hour trading volume of approximately 374.65 million USDT on Binance, and the broader market shows a bullish outlook with ADA's weekly and monthly gains exceeding 22% and 35%, respectively.