{"id":50865,"date":"2021-03-25T20:18:27","date_gmt":"2021-03-25T20:18:27","guid":{"rendered":"https:\/\/timestampmag.com\/?p=50865"},"modified":"2021-04-01T17:30:10","modified_gmt":"2021-04-01T17:30:10","slug":"cardanos-coinbase-listing-it-led-to-an-increase-in-the-open-interest-for-futures-contracts-over-1-billion","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/03\/25\/cardanos-coinbase-listing-it-led-to-an-increase-in-the-open-interest-for-futures-contracts-over-1-billion\/","title":{"rendered":"Cardano&#8217;s Coinbase Listing: It Led to an Increase in the Open Interest for Futures Contracts over $1 billion"},"content":{"rendered":"<ul>\n<li><strong>On March 19, 2021, Cardano (ADA) got listed on Coinbase. This listing increases the open interest on Cardano\u2019s futures contracts by over $1 billion. <\/strong><\/li>\n<li><strong>After this listing, Coinbase customers can buy, sell, convert, and transact ADA tokens. <\/strong><\/li>\n<li><strong>ADA has become the third-largest cryptocurrency in the market after Bitcoin (BTC) and Ethereum (ETH), with a market capitalization of $41.9 billion.<\/strong><\/li>\n<\/ul>\n<p>From March 19, 2021, Coinbase began supporting Cardano (ADA) on <a href=\"https:\/\/blog.coinbase.com\/cardano-ada-is-now-available-on-coinbase-dd30c1e0d93a#:~:text=Starting%20today%2C%20Coinbase%20supports%20Cardano,in%20all%20Coinbase%2Dsupported%20regions\" target=\"_blank\" rel=\"noopener\">Coinbase.com<\/a>, Coinbase Android, and iOS apps. Coinbase customers can now buy, sell, send, receive, convert, or store ADA, which is available in all Coinbase-supported areas.<\/p>\n<p>Just to remind the readers that Cardano or ADA is an open-source and cryptocurrency-based platform that runs on a protocol called \u201cOuroboros\u201d or \u201cproof-of-stake consensus.\u201d This platform is developed around the Haskell programming language.<\/p>\n<p>Currently, ADA is the third-largest cryptocurrency and has a market capitalization of $41.9 billion.<\/p>\n<figure id=\"attachment_50866\" aria-describedby=\"caption-attachment-50866\" style=\"width: 831px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-50866\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/chart.jpg\" alt=\"\" width=\"831\" height=\"712\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/chart.jpg 831w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/chart-300x257.jpg 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/chart-768x658.jpg 768w\" sizes=\"(max-width: 831px) 100vw, 831px\" \/><figcaption id=\"caption-attachment-50866\" class=\"wp-caption-text\">ADA is the Third-Largest Cryptocurrency in the Market (Source: <a href=\"https:\/\/cointelegraph.com\/news\/cardano-s-1b-futures-open-interest-shows-ada-is-a-serious-contender\" target=\"_blank\" rel=\"noopener\">cointelegraph.com<\/a>)<\/figcaption><\/figure>\n<p>Earlier, <a href=\"https:\/\/cardano.org\/\" target=\"_blank\" rel=\"noopener\">Cardano (ADA)<\/a> had an impressive beginning to 2021 as it broke through the $1 ceiling and reached an all-time high rate of $1.50, making it one of the major <a href=\"https:\/\/timestampmag.com\/2020\/05\/04\/development-trends-in-the-top-20-altcoins\/\" target=\"_blank\" rel=\"noopener\">cryptocurrency development trends<\/a> in recent months. The whooping 590 percent year-to-date (YTD) gain happened as Cardano turned into a multi-asset network.<\/p>\n<figure id=\"attachment_50867\" aria-describedby=\"caption-attachment-50867\" style=\"width: 1657px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-50867\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/trading-chart.jpg\" alt=\"\" width=\"1657\" height=\"929\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/trading-chart.jpg 1657w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/trading-chart-300x168.jpg 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/trading-chart-1024x574.jpg 1024w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/trading-chart-768x431.jpg 768w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/trading-chart-1536x861.jpg 1536w\" sizes=\"(max-width: 1657px) 100vw, 1657px\" \/><figcaption id=\"caption-attachment-50867\" class=\"wp-caption-text\">Cardano\u2019s Listing on Coinbase Resulted in Price Rally (Source: <a href=\"https:\/\/cryptobriefing.com\/cardano-coinbase-pro-listing-sets-the-stage-for-price-rally\/\" target=\"_blank\" rel=\"noopener\">cryptobriefing.com<\/a>)<\/figcaption><\/figure>\n<p>The Coinbase Pro listing of ADA triggered a renewed spike to $1.47 on March 18. The listing also helped Cardano push the open interest on its <a href=\"https:\/\/cointelegraph.com\/news\/cardano-s-1b-futures-open-interest-shows-ada-is-a-serious-contender\" target=\"_blank\" rel=\"noopener\">future contracts over $1 billion<\/a>.<\/p>\n<p>The users of the ADA token had long been clamoring for a <a href=\"https:\/\/www.coindesk.com\/cardano-ada-coinbase-listing\" target=\"_blank\" rel=\"noopener\">Coinbase listing<\/a>. The founder of Cardano, Charles Hoskinson welcome this listing, stating it as a \u201csignificant milestone\u201d in Cardano\u2019s development process.<\/p>\n<figure id=\"attachment_50868\" aria-describedby=\"caption-attachment-50868\" style=\"width: 826px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-50868\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-futures.jpg\" alt=\"\" width=\"826\" height=\"513\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-futures.jpg 826w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-futures-300x186.jpg 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-futures-768x477.jpg 768w\" sizes=\"(max-width: 826px) 100vw, 826px\" \/><figcaption id=\"caption-attachment-50868\" class=\"wp-caption-text\">Cardano\u2019s Futures Aggregate Open Interest Rate (Source: <a href=\"https:\/\/cointelegraph.com\/news\/cardano-s-1b-futures-open-interest-shows-ada-is-a-serious-contender\" target=\"_blank\" rel=\"noopener\">cointelegraph.com<\/a>)<\/figcaption><\/figure>\n<p>The hopes are high around Cardano considering that before this, only (BTC) and Ether (ETH) could achieve the feat of reaching the $1 billion open interest milestone. Interestingly, Ether held a $2 billion open interest just 3 months back.<br \/>\nADA Trading Volume and On-chain Metrics Got Stronger<br \/>\nAs Cardano\u2019s price goes up, so does its spot trading volume as well as on-chain transfers, surpassing Litecoin (LTC). Since investors are showing more interest in Cardano, it led to a spike in Cardano&#8217;s futures contracts open interest by five-fold in 2021.<br \/>\nA few days into its listing on Coinbase Pro, Cardano\u2019s ADA (-0.39%) was available to Coinbase retail traders. No matter how the price moves, low trading activities may show a small user base or a lack of new investors. Although, in the coming days, Cardano&#8217;s volume could be among the top 5.<br \/>\nThe Nomics transparent exchange volume shows that overall ADA had a trading volume of $97.5 billion in 2021, going past Litecoin, Ripple (XRP), and Polkadot (DOT).<br \/>\nIn recent times, Cardano&#8217;s strength is in full display as its average transactions and network daily transfers are $4.5 billion per day. This volume of transaction is at least six times higher than the rest of the competitors.<br \/>\nOn the other hand, VORTECS\u2122 data also started tracing ADA&#8217;s bullish trading trends on March 16, before the recent spike in its price.<\/p>\n<figure id=\"attachment_50869\" aria-describedby=\"caption-attachment-50869\" style=\"width: 807px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-50869\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-score-vs-price.jpg\" alt=\"\" width=\"807\" height=\"637\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-score-vs-price.jpg 807w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-score-vs-price-300x237.jpg 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/03\/cardano-score-vs-price-768x606.jpg 768w\" sizes=\"(max-width: 807px) 100vw, 807px\" \/><figcaption id=\"caption-attachment-50869\" class=\"wp-caption-text\">VORTECS\u2122 score vs. ADA price (white). (Source: <a href=\"https:\/\/cointelegraph.com\/news\/cardano-s-1b-futures-open-interest-shows-ada-is-a-serious-contender\" target=\"_blank\" rel=\"noopener\">Cointelegraph Markets Pro<\/a>)<\/figcaption><\/figure>\n<p>VORTECS\u2122 score vs. ADA price (white). (Source: Cointelegraph Markets Pro)<br \/>\nAccording to the above chart, the VORTECS\u2122 had a high score of 66 on March 16, just 12 hours before the announcement on the Coinbase listing came out. Since then, ADA had a sharp increase to $1.23, gaining 18 percent.<br \/>\n_____________________________________________________________________________<br \/>\nReferences:<br \/>\n<a href=\"https:\/\/cointelegraph.com\/news\/cardano-s-1b-futures-open-interest-shows-ada-is-a-serious-contender\" target=\"_blank\" rel=\"noopener\">https:\/\/cointelegraph.com\/news\/cardano-s-1b-futures-open-interest-shows-ada-is-a-serious-contender<\/a><br \/>\n<a href=\"https:\/\/blog.coinbase.com\/cardano-ada-is-now-available-on-coinbase-dd30c1e0d93a\" target=\"_blank\" rel=\"noopener\">https:\/\/blog.coinbase.com\/cardano-ada-is-now-available-on-coinbase-dd30c1e0d93a<\/a><br \/>\n<a href=\"https:\/\/www.coindesk.com\/cardano-ada-coinbase-listing\" target=\"_blank\" rel=\"noopener\">https:\/\/www.coindesk.com\/cardano-ada-coinbase-listing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 19, 2021, Cardano (ADA) got listed on Coinbase. This listing increases the open interest on Cardano\u2019s futures contracts by over $1 billion. After this listing, Coinbase customers can buy, sell, convert, and transact ADA tokens. ADA has become the third-largest cryptocurrency in the market after Bitcoin (BTC) and Ethereum (ETH), with a market [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":50870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[490,30,489,35,370,137,4,104],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/50865"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=50865"}],"version-history":[{"count":2,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/50865\/revisions"}],"predecessor-version":[{"id":50876,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/50865\/revisions\/50876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/50870"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=50865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=50865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=50865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}