Cardano Price Jumps 30% After Fed Rate Move
Cardano's price (ADA) has experienced a significant recovery after jumping from $0.19 to $0.26, outperforming most major digital coins in the process.
This surge comes as the wider crypto market recovers following the Federal Reserve's September 16 interest rate move, which had already been expected by financial markets and helped clear up market doubts.
With Bitcoin climbing past $87,000, traders moved funds into large altcoins, contributing to Cardano's price jump. Strong trading volume in derivative markets is driving the price higher, with active futures contracts rising to 2.37 billion tokens as new money entered the market.
The data also shows that funding rates turned positive, indicating that buyers are paying extra fees to hold open long positions. At the same time, traders betting against Cardano faced large losses, forcing them to buy back $2.49 million worth of ADA in 24 hours.