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Why Is ADA Price Up Today?
Cardano bulls are preparing for strong upward movement amid a number of favorable developments recently. The primary rationale behind ADA price 6% upside momentum today comes as the network gears up for that most significant Chang hard fork next week.
Here Are the Reasons Why ADA Price Is Up Today
Chang Hard Fork Scheduled For Next Week
Cardano founder Charles Hoskinson confirmed that the target date for Chang hard fork mainnet is Tuesday, August 27. This upgrade marks the beginning of Voltaire era, introducing features like Plutus V3 and on-chain governance. This will further improve the platform’s scalability and decentralization.
With a final go or no-go decision scheduled for tomorrow, August 23. Pre-production will hard fork on the 22nd of August in preparation. Cardano infrastructure readiness has reached a significant level, with 85% of blocks are minted by nodes with version 9.1.0. Also, only 14 exchanges are ready with the hard fork, according to Cexplorer data.
Massive Buying By Derivatives Traders
Cardano futures open interest rebounding in the last 2 days amid the recent development activity. The return of buying activity indicates traders anticipating a short-term rally in ADA price amid the upgrade.
Total ADA futures open interest (OI) climbed 4% in the last 24 hours, with 513.16 million ADA OI worth $187.46 million. Also, ADA OI has increased 0.13% in the last 4 hours. Notable buying activity was observed on crypto exchanges Bitget, BingX, Cryptocom, and Coinbase.
ADA Price To Rally After Breakout
ADA price saw a 6-month descending trendline breakout in the daily timeframe on Wednesday, triggering an increase in trading volumes in spot and derivatives markets. Also, the price is near to breaking above the 50-SMA (blue), triggering a rally towards the 100-SMA (red).
Other indicators such as RSI and MACD signal an upcoming rally. Moreover, the increase in network activity, bullish trader sentiment, and anticipation around the Hydra Layer 2 solution would support the upside momentum in ADA price.
Cardano price jumped 6% in the last 24 hours, with the price currently trading at $0.3731. The price can rally to $0.45. The 24-hour low and high are $0.3509 and $0.3773, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a rise in interest among traders.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The largest crypto derivatives exchange Deribit on Friday said it will integrate Ethena’s synthetic dollar USDe as margin collateral. It will enable users to earn rewards for holding USDe and use it as derivatives margin collateral in cross-collateral pool.
Ethena and Deribit Partners to Launch USDe as Rewarding Margin Collateral
Deribit, the leading crypto options and futures exchange, plans to integrate Ethena’s USDe as margin collateral. The exchange revealed that the goal is to include USDe in its cross-collateral pool as of early January. However, it still awaits regulatory approval from the authorities
“We are excited to announce the upcoming integration of USDe as rewarding margin collateral on Deribit” said Ethena Labs.
All users can earn rewards for holding USDe. Also, it can be used as derivatives margin collateral in a cross collateral pool. USDe as margin collateral is currently available on Bybit, Bitget and Gate crypto exchanges. Users can use USDe as a part of single or multi-exchange derivatives strategies, while earning rewards by holding the synthetic dollar.
Guy Young, founder of Ethena Labs, said: “This integration of USDe within the cross collateral pool at unlocks completely new structured product use cases not previously possible on CEXs with vanilla stablecoin collateral.”
Young expects this will become one of the most important venues for USDe use cases as Deribit holds 85% of market share within the options space. Also, he believes the USDe integration on the derivatives exchange will attract both TradFi and crypto-native trading firms.
ENA Price Rockets 20%
Amid Deribit’s USDe integration news, ENA price skyrocketed more than 20% in the past 24 hours. The price currently trades at $0.62, with a 24-hour low and high of $0.516 and $0.620, respectively. Furthermore, the trading volume has shot up by 78% in the last 24 hours, indicating a rise in interest among traders.
Last month, Ethena proposed adding Solana and its liquid staked variants (BNSOL and bbSOL) as reserve assets for backing USDe. Recently, the company integrated sUSDe into Aave to enable billions of borrowing and APY of up to 30%.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Secret Network (SCRT) saw a remarkable 50% price rise today, driven by three key developments. The network’s inclusion in NVIDIA Inception, a program supporting innovative tech startups, signals growing confidence in its privacy-focused solutions.
Additionally, Binance’s SCRT perpetual contracts launch with high leverage has boosted market activity. Coupled with a dramatic rise in open interest across major exchanges, these factors are fueling increased investor interest and pushing SCRT to new highs.
Secret Network Joins NVIDIA Inception
Secret Network joined NVIDIA Inception, a program designed to support tech startups advancing AI and blockchain innovations. This collaboration provides the platform with access to AI training, expert resources, and venture networks, boosting its development capabilities.
The partnership enhances Secret Network’s Decentralized Confidential Computing (DeCC) solutions, enabling new privacy tools for Web3 applications. Lisa Loud, Executive Director, emphasized that this initiative will revolutionize how sensitive data is handled in blockchain environments.
Binance Launches SCRT Perpetual Contracts
Binance, one of the world’s top cryptocurrency exchanges, introduced USD-margined Secret Network perpetual contracts with up to 75x leverage. The listing on Binance had an immediate effect, with SCRT’s price soaring 55% as Binance extended its support. This surge highlights growing investor interest, raising questions about whether the rally will be sustained.
Moreover, this move boosts liquidity and builds investor confidence, enhancing Secret’s appeal in the market. As trading activity intensifies on Binance, SCRT adoption continues to grow.
Open Interest Jumps 1300%, Fueling SCRT Price Surge
Secret Network (SCRT) saw an impressive 1300% increase in open interest over the past 24 hours, according to Coinglass data, signaling heightened market activity. On Binance, open interest surged by over 905%, with other major exchanges like Bitget and Kraken also showing significant interest. This surge in demand has propelled SCRT’s price to new highs.
Moreover, SCRT is currently trading at $0.4765, up 50% in the last 24 hours and 134% over the past week. With a 24-hour low of $0.3313 and a high of $0.5488, along with a market cap of $138 million and $107 million in volume, the coin shows strong potential for continued growth.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an unprecedented event, a dormant Ethereum whale caused a stir across the broader market on Friday, heavily dumping tokens amid the hovering bullish sentiment. Recent data pointed out that the whale dumped nearly $224 million worth of tokens, raising price drop concerns among crypto enthusiasts globally. Despite that, ETH price soared today, setting off waves of speculation over future movements across the industry.
Dormant Ethereum Whale Wakes Up To Sell, Investors Apprehensive
According to the latest data by Lookonchain, an Ethereum whale that was dormant for eight years was revived and started selling. According to the data, the whale used various addresses to sell a staggering $224 million worth of the abovementioned token.
Notably, this whale accumulated 398,889 ETH at around just $2.4 million between January 18 and March 10, 2016, at an average cost of $6 per token. Following eight years of dormancy, the whale revived on November 7, 2024, and commenced offloading.
Meanwhile, the whale has been recorded selling 73,356 ETH, worth $224.42 million, the latest data showed. This massive dump brought selling pressure to the asset. Besides, the colossal amount of Ethereum remaining with the whale has sparked speculations over his future moves.
On the other hand, it’s also noteworthy that the latest Whale Alert data indicated nearly 20.8 million ETH dumped to Coinbase. Although these dumps raised bearish market sentiments, the top crypto by market cap has defied usual trends to trade in the green territory.
ETH Price Soars Defying Selling Pressure
Despite the abovementioned selloffs, ETH price today traded dominantly in the green at $3,337, up 5% intraday. Its 24-hour low and high were $3,147 and $3,428.46, respectively. Intriguingly, the monthly chart for the token showcased 29% gains. This bullish trajectory has raised uncertain investor sentiments over the coin’s future movements.
Further, Coinglass data pointed out a 10% increase in Ethereum’s futures OI to $70.79 billion. Moreover, even the derivatives volume soared 63% to $70.79 billion. This data further points to a bullish scenario for the token, adding to market speculations amid massive selloffs.
Additionally, a recent CoinGape Media report spotlighted key indicators that signal further gains for Ethereum price. Considering these bullish trends and the recent rally in the crypto’s price, it appears that market watchers continue to remain optimistic about the asset despite the recent selloffs.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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