Although the crypto market was a nightmare to most investors over the past week, things seem to be promising at the moment. You probably know how the entire crypto space witnessed rampant swings due to various reasons. Are you anticipating a recovery?
Bitcoin had challenging market times last week, struggling below the $40,000 level. Ethereum, the second-largest digital asset by market cap, also saw wild fluctuations over the previous week. Most digital coins followed unpredictable swings.
However, everything seems to have changed, Cardano leading the upward trend. On Sunday, ADA gained more to hit $1.7, a 17% increase. When writing this, the altcoin is trading at around $1.66.
Developments such as launching the new Alonzo smart contracts seem to have contributed to the recent Cardan upward trend. Keep in mind that the increase comes after sell-off speculation at pre-Memorial Day. Markets experts got it wrong as America saw no sell-off while honoring its veterans. Major coins have their value soaring at the moment.
What’s Behind the Recent ADA Surge?
IOHK developed Cardano as a PoS blockchain network back in 2017. Holding ADA, its native digital coin, you can vote for new upgrades and developments in the platform. Keep in mind that this is a growing network, expecting more upgrades.
At the moment, Cardano ranks 4th in the crypto market cap, and it is without a doubt that further development will increase its market cap. At the moment, ADA circulating the crypto market amounts to around 31 billion. Cardano aims at being the leading decentralized blockchain by up to 100 times.
Cardano developers launching Alonzo smart contracts is the reason behind Cardano’s 17% surge on Sunday. The new upgrades can be good news to ADA fans as they can expect to witness DeFi solutions and dApps development on Cardano’s platform. Will the update attract more investors? Early adopters can enjoy the feature by next month.
The Future of the Markets
Although the leading one, ADA is not the only digital coin with an uptrend in the crypto market. The total crypto market rose to $1.6 trillion, a 4% increase.
ETH rose to $2431, a 4% increase, and BTC increased to more than $35800, 3.5% up.