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Cardano’s $1B futures open interest shows ADA is a serious contender

Cardano’s Coinbase listing helped push the open interest on its futures contracts above $1 billion, a signal that investors are seriously interested in ADA.
Cardano (ADA) has had an impressive start to the year as it broke through the psychological $1 barrier and made an all-time high at $1.50. The impressive 590% year-to-date gain took place as the network transformed into a multi-asset network, similar to Ethereum, and this could bode well for Cardano’s future.Cardano price at Binance, USDT. Source: TradingViewThe rally’s final leg seems to be related to the Coinbase Pro listing, announced on March 16, and this resulted in a renewed push to $1.47 on March 18.As Cardano’s price increased, so did its spot trading volume and on-chain transfers, which surpassed Litecoin (LTC). The increased interest from investors also caused Cardano’s futures contracts open interest to increase by five-fold in 2021.Cardano futures aggregate open interest. Source: BybtMake no mistake, breaking the $1 billion open interest barrier is a feat that only (BTC) and Ether (ETH) have achieved. Moreover, Ether held a $2 billion open interest just three months ago.Therefore, to truly understand if Cardano really deserves the third position in the market capitalization ranking, one should compare its spot volume and on-chain metrics against other altcoins.ADA trading volume and on-chain metrics strengthenRegardless of the price movement, low trading activity reflects a small user base or a lack of new entrants. Therefore, one should expect Cardano’s volume to be among the top 5.Top 10 crypto year-to-date trading volume, USD. Source: NomicsAccording to Nomics transparent exchange …
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