Cardano price is outperforming the top 10 largest cryptocurrencies in 24-hour gains

Cardano (ADA) price has increased by almost 10% in the past 24 hours to its current price of $0.936. Also, according to Santiment, the ADA funding rate on Binance is currently negative, indicating a large number of shorts.

cardano-price-is-outperforming-the-top-10-largest-cryptocurrencies-in-24-hour-gains

BTC/USD 4-hour chart | Source: TradingView

Cardano price is up nearly 10% in the last 24 hours

Cardano saw favorable price action over the previous year when it surged to an all-time high of $3.10 in early September. However, the seventh-largest cryptocurrency has been steadily falling and has dropped almost 70% of its ATH at current prices.

According to on-chain data analysis, the latest funding rate drop corresponds to the highest short-selling rate recorded on Binance as ADA surged to an all-time high of $3.10.

cardano-price-is-outperforming-the-top-10-largest-cryptocurrencies-in-24-hour-gains

Source: Coinglass

Although negative funding rates signify that the crowd expects prices to fall, Santiment believes they may have a positive undertone. This is because, in most cases, short liquidations or a “short squeeze” can cause prices to rise. As a result, negative funding rates could be a positive sign in the near term.

While short-term price changes are possible, a large number of trades, or trades worth more than $100,000, can help predict long-term price changes. Cardano saw a massive increase in significant transactions in May 2021 and September 2021, when it hit an all-time high.

In another development, ADA is added by Bitrue as a basic currency for ten pairs. Bitrue is a multi-product cryptocurrency ecosystem prevalent among the XRP Army.

Starting from Feb. 24, 2022, Cardano (ADA) will be available as a base currency for the conversion of ETH, XDC, SOL, LTC, ICP, SHIB, GALA, AVAX, MATIC, and MANA, i.e., some of the most popular assets for the Bitrue community.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

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