Cardano has outperformed the other top ten cryptocurrencies with a price increase of 11% over the day. Futures activity is also rising, with a significant increase in open interest.
Cardano witnessed a significant increase in activity of 37,655% in the futures market, as traders took positions ahead of one of the most important Federal Reserve (Fed) decisions of the year.
The Federal Reserve's policy decision was anticipated that day, December 10. Investors were looking for clues about the central bank's policy path in the meeting, along with the tone of the final press conference by Chairman Jerome Powell for 2025.
Before this macroeconomic signal, the broader cryptocurrency market was trading higher, with most currencies in the green.
Cardano has outperformed the other top ten cryptocurrencies, with an increase of 11% over the day. The currency rose by approximately 7% over the week, with Ethereum only ahead with a rise of 9.06%.
Amid rising prices, the volume of Cardano futures increased by 37,655% on the Bitmex cryptocurrency exchange, surpassing $105.65 million traded in the past 24 hours.
The open interest (OI) for Cardano, which indicates the total number of outstanding futures or options contracts in the market, has risen in parallel. According to CoinGlass data, Cardano's open interest increased by 10.93% to reach $813.70 million, indicating that the recent price rise was supported by leverage buying.
Cardano is supported by network developments.
Cardano has steadily risen since December 7, with growing expectations for positive developments in its ecosystem. Tuesday's increase was the largest, as Cardano rose from $0.423 to $0.489.
* 70 million ADA withdrawal approved: The Cardano community approved the withdrawal of this amount of ADA from the network treasury to fund infrastructure merger operations, representing a historically coordinated effort by the network. The budget proposal received over 71% support in the governance vote, marking the fastest approval since the start of Cardano governance.
* Launch of "NIGHT": The "NIGHT" token, the native token of the network, was officially launched as a native asset of Cardano (CNA) on December 4, with current plans to transition the Midnight network to a fully decentralized mainnet.
