Cardano Surges 29% As Both Bitcoin And Ethereum Recover: Analysis

Cardano surges 29% as both Bitcoin and Ethereum recovered and led the entire market into the green so let’s read more in today’s latest Cardano ADA news.

Cardano surges 29% as an Ethereum competitor in the past 24 hours and ADA is now trading at $0.67 as per the data from CoinMarketCap. ADA is the native token of Cardano as the Proof of stake layer 1 blockchain which offers stiff competition to Ethereum. The token is the sixth biggest crypto with a market cap of $22.6 billion as it overtook Ripple’s XRP. Despite the bullish action today, ADA is still down 78% from its ATH of $3.10 that was recorded back in 2021. There has been a sharp increase in the coin’s trading volume on major exchanges as well and its trading volume hovers around $2.4 billion in the past day or 272% up from the last trading day. The main reason behind the bullish action was an increase in DEFI Activity on the Layer-1 blockchain and the launch of the Lagon cross-chain bridge.

Back in 2021, Cardano launched its Alonzo fork and brought the ability to develop DEFI applications on top of Cardano so after the Alonzo fork, the coin jumped by 116% in less than a month according to the data from CoinMarketcap. Since the launch of the Alonzo fork, 92 decentralized apps are built on Cardano. Today, most of them are seeing an increase in inactivity. According to DeFi Llama, the total value locked on Cardano increased by 30.56% in the past day which shows an increase in DEFI activity. The TVL on Cardano stands at $194 million or up from the $149,25 million recorded a day ago.

Minswap as the DEX platform and biggest DEFI protocol on Cardano showed an increase in user activity as well. The TVL on the platform increased 21.7% from $56.13 million to $74.01 million in the past day. Other than Minswap, there were other protocols that are showing an increase of TVL by 15%. Apart from TVL, the total transaction volume on Cardano saw an increase from $9.57 billion to $14.24 billion in the past day. Lagon also tweeted about the launch of the cross-chain bridge to facilitate the token transfers between Cardano and Ethereum while the bridge now supports only USDC. Lagon tweeted:

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

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