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Cardano’s ADA climbs above XRP after 30% surge, rise propelled by spike in network activity

Posted on by admin
31
May

Source: Akarat Phasura – Shutterstock

  • Cardano’s ADA is back in the game becoming the top performer in the crypto market relief rally. 
  • The latest price surge for ADA comes on the backdrop of strong development activity on the Cardano blockchain. 

Amid the ongoing relief rally in the crypto space, Cardano’s native cryptocurrency ADA has registered the strongest bounceback. As of press time, ADA is trading 29.32 percent up at a price of $0.67 and with a market cap of $21.8 billion.

The Cardano (ADA) price tanked more than 50 percent during the crypto market crash of May 2022. However, the ADA price has recovered by nearly 50 percent since the bottom with the recent price surge. With today’s price surge, Cardano (ADA) has also flipped Ripple’s XRP to become the sixth-largest cryptocurrency by market cap.

The latest ADA price surge comes amid strong development activity taking place on the Cardano blockchain. As per on-chain data provider Santiment:

Cardano is one of many #altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours. Development activity has hit #AllTimeHigh levels, as $ADA‘s team worked on innovating while prices were suppressed. 

Courtesy: Santiment

Besides, the Cardano blockchain is seeing strong network activity in other areas. The number of transactions and the DeFi total value locked (TVL) have also jumped significantly in the last two days. At the same time, the total number of NFTs minted on the Cardano blockchain have surpassed 5 million.

Furthermore, the recent launch of Iagon’s Cardano-Ethereum bridge for USDC has got investors excited. It means that investors can easily move the world’s second-largest stablecoin from Ethereum to Cardano. This interoperability could also help Cardano expand its footprint in the DeFi space.

The Cardano blockchain development

The next month of June will be crucial as the Cardano development team is working on the Vasi hard fork upgrade. This update will further help toward Cardano blockchain optimization as well as improve network scalability and interoperability.

Looking further to the Cardano blockchain development, the number of whale activity on the network has also increased over the last month. Just in the month of April 2022, the number of ADA wallets increased by 100,000.

Besides, Cardano founder Charles Hoskinson recently clarified their regulatory approach amid a strong market correction earlier this month. Hoskinson was clear that the Cardano ecosystem doesn’t violate any regulations. In fact, he added that Cardano could pave the way for policymakers to accept cryptocurrencies.

Hoskinson added that they are in continuous engagement with the authorities while providing feedback on legislation drafts. He said:

The Cardano ecosystem is going to be engaging and has a desire to do regulated business whether it be a security token offering, whether it be regulated, or whether it be legacy financial institutions like banks adopting the protocol and want to maintain their charters.

The Cardano network continues its development process despite all the market headwinds. It will slowly gear towards expanding its presence in the DeFi and the NFT market.

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