Today’s rally in Cardano (ADA), has seen a rise of over 20%, bringing some relief to investors and traders after weeks of turmoil in the crypto markets. ADA is now 6th in market capital, surpassing XRP. Its transaction volume jumped 3x that of Ethereum.
ADA was $0.6347 at the time this article was written, an increase of 21.41% following a retracement from a daily high $0.6823.
ADA price surge has been influenced by the following factors: ADA Price Rebounding Starting at the Bottom, GitHub development activity Lagon’s Cardono-Ethereum bridge launch for USDC, and Vasil Hard Fork launch.
ADA Price Rebounding from the bottom levels
The ADA price rebounded to $0.68 from $0.45 at the bottom, attracting investors and whales to purchase the dip. The price rallies were also driven by an increase in the total value locked (TVL), and more transactions.
GitHub development activity
The Cardano team kept working on innovative projects even as prices fell. The price of GitHub development activity soared after a Cardano network loss.
Yesterday Santiment tweeted:
“CardanoIt is just one of many. altcoinsThat have experienced a strong start to the week. Currently, +13% in 24 hours. It has been a great week for development. All-Time HighAs high as ADA‘s team worked on innovating while prices were suppressed.”
📈 #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 $ADAThe team of’s worked to invent while prices were suppressed. 🧑💻https://t.co/kSqbhUZOe8 pic.twitter.com/XiFVl0NK2M
— Santiment (@santimentfeed) May 30, 2022
Lagon’s Cardono-Ethereum bridge launch for USDC
Another reason for the rally is the launch of lagon’s Cardano-Ethereum bridge that will enable the second-largest stablecoin (USDC) to be moved from the Ethereum blockchain to the Cardano blockchain. Cardano’s team is also looking to add other tokens, so this is an important interoperability milestone.
Vasil Hard Fork launch
Cardano is making progressive moves to attract more users to its network. The Cardano community eagerly awaits Vasil Hard Fork’s launch at the end June, which will be an upgrade to Cardano’s network.
Charles Hoskinson is the Cardano founder and said that the hard fork will be implemented by more developers, which will lead to a rise in the price of ADA.
CoinJournal’s Cardano (ADA), jumps by more than 25%: Here are the reasons why ADA rallies appeared first on CoinJournal.