Cardano Soars As Coinbase Added Staking Rewards For ADA

Cardano soars as Coinbase added the staking rewards for the coin, and ADA is up by 13% on the day as we are reading further in today’s latest Cardano ADA news.

The price of ADA as the native cryptocurrency of the blockchain of Cardano soars to a seven-week high of $1.13 which is a level not seen since early February. The price action came with increased tradign volumes and extended ADA’s weekly gains to 35% and became the best performing crypto in the top ten list over the past week. The boost in the price of ADA can be attributed to the actions of Coinbase which is the biggest exchange in the US and decided to offer to stake for the asset. The staking is the process of participating in transaction validation on PoS blockchains.

Unlike Bitcoin, it relies on the computing power of tens of thousands of computers and PoS blockchains which are secured by people committing a portion of their holdings to the network, and in return, they will receive a share of newly minted coins. Similar to Ethereum, Cardano leveraged smart contracts to enable the development of DEFI applications and NFTs. A few other cryptocurrencies posted some double digit gains on the day as well. The meme coin DOGE is up by 13.9% over the past day and now trades at $0.13 while NEAR as the native cryptocurrency of the Near Protocol is up by 9% and traded at $12.23 at press time.

SOL, as the native crypto of the Solana blockchain, is up by 10% to the current value of $100while the Harmony price is up by 6.9% to $0.15. bitcoin increased by 2% and ETH is up by more than 3% with the entire market cap now hovering near the $2 trillion mark.

Cardano exploded 17% while the price dip of yesterday was short-lived and BTC went on the offensive to chart a three-week high above $43,000. most of the altcoins turned green as well with DOGE, SHIB, NEAR, and Cardano all stealing the show. It was less than a week when the primary cryptocurrency dropped to over $40,000 and the community feared that the asset could drop below the coveted line however the situation changed fast and BTC initiated a leg up and resulted in hitting $42,000. The brief retracement followed, which brought BTC to $41,000. The bulls stepped up and pushed BTC north but this time the crypto exceeded $43,000 for the first time since March 3.