Cardano Soars 30% on Fed Rate Move, Surpasses Bitcoin

Cardano (ADA) has had an impressive week, surging by 30% to outperform most major digital coins. The price jump comes as the wider crypto market recovers following the Federal Reserve's September 16 interest rate move. Financial markets had already expected the rate change, so its release cleared up market doubts and sparked new buying across top tokens.

With Bitcoin (BTC) climbing past $87,000, traders moved funds into large altcoins, helping Cardano outpace the general market rise. Strong trading volume in derivative markets is driving the price jump for Cardano, with active futures contracts rising to 2.37 billion tokens as new money entered the market.

Funding rates also turned positive, showing that buyers are paying extra fees to hold open long positions. At the same time, traders betting against the coin faced heavy losses, forcing them to buy back $2.49 million worth of Cardano in 24 hours. These forced buys added extra push to the token, driving it past previous key resistance levels.