Cardano Soars 29% Amid The Recovering Crypto Market

Cardano soars 29% amid the recovering crypto market and both Bitcoin and Ethereum performing better on the day so let’s read more today in our latest Cardano ADA news.

ADA as the Ethereum competitor is up by 29% in the past day and it is now trading at $0.67. ADA is the native token of Cardano as a proof of stake layer 1 blockchain which offers stiff competition to the Ethereum blockchain. The token is the sixth biggest crypto with a market cap of $22.6 billion and surpassed Ripple’s XRP. Despite the bullish actions today, ADA is still down by78% from its ATH of $3.10 recorded in 2021.

There was a sharp increase in ADA’s trading volume on major crypto exchanges and its trading volume hovers near the $2.4 billion in the past day or 272% from the previous trading day with the main reason behind the bullish action which increased DEFI activity on the blockchain and the launch of the Lagon’s cross-chain bridge. Cardano launched the Alonzo hard fork in 2021 and brought the ability to develop DEFI applications on Cardano. After the Alonzo fork, the coin jumped up to 116% in less than a month. Since the launch of the fork, 92 decentralized apps were built on Cardano as per the showcase. Today, most the applications saw an increase in inactivity.

Cardano soars 29% and its TVL increased as well in the past day, indicating an increase in DeFi activity. The TVL on Cardano stands at $194 million or p from the preivous $149 million. Minswap which is the biggest DEFI protocol on Cardano showed an increase in user activity as well and its TVL increased 21.7% from $56.13 million to $74.01 million in the past day. Other than Minswap, other protocols also reported an increase in TVL.

The total transaction volume on the Cardano blockchain saw a steep increase from $9.57 billion to $14.24 billion and other reports showed that with the launch of Lagon, it now supports USDC as a bridge and also helped to propel the price. Lagon noted:

“We believe that our solution powered contributes Cardano development & growth.”

In the meantime, the biggest crypto on the market is up by 2.95% in the past day and trades around $31,559. Ethereum is up by 3.26% in the past day and now changes hands at $1,970.