Cardano dropped in crypto’s top 10, by market cap, after LUNA/XRP took the place of Cardano. However, ADA’s price has been surging in the last month and could reclaim previous highs as the general sentiment turns bullish.
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Cardano (ADA), which trades at $1.20, has seen a 30% increase in price over the past month. This means that ADA is the most profitable cryptocurrency in terms of market cap.
ADA’s price has been recovering from a multi-month downside that saw its price drop from an all-time high at around $3 to under $1 in 2022. There are many factors that have contributed to this rally.
It includes smart contract implementation, an increase in developer activity, and the enhancement of Cardano, to make it decentralized, more scalable according to the main developer IOG.
The ecosystem boom has been fueled by the factors mentioned above. Cardano is home to hundreds of projects that could fuel the Ethereum Killer story.
IOG highlighted these projects recently. They also shared some of these projects via Twitter. said:
Cardano’s ecosystem continues to grow by leaps & bounds. Every day, new members join the community. Let’s start this week with a recap of the latest news & announcements from projects Building On Cardano and contributing to its growth.
Milkomeda is among these projects. The project, which was designed to scale Cardano’s infrastructure, will connect the network with Ethereum Virtual Machines.
This project was launchedOn March 28, Cardano will be accepting Bitcoin. This network can integrate with other blockchains such as Algorand and Avalanche in the future.
IOG mentioned Ergo as a decentralized currency that will be available in the Cardano Testnet starting April 4. The future launch by Singularity of a converter bridge and tokenization real assets with the Indigo Protocol will bring more uses to this network.
📢Announcement for Indigo x Cornucopias!
🌏We have officially joined forces with @CornucopiasGameIndigo 3D Assets will be brought to the Metaverse.
🔹It’s exciting to be a part of a team that is advancing the cause. #MetaverseProjects to provide a new user experience in the future
🔮Follow @Indigo_protocol pic.twitter.com/yKkGa6TWGM
— 🔮 Indigo | Synthetic Assets on Cardano (@Indigo_protocol) March 18, 2022
Cardano Growth beyond Expectations: Institutions Are Looking for More ADA
Charles Hoskinson (the inventor of Cardano), celebrated Cardano’s success. Hoskinson forecasted a boom in projects built on Cardano’s network and increased number of assets that would be launched through Cardano by 2021. Twitter: he posted that there are “millions” of both surpassing his expectations.
As the network gears up for the Hard Fork Combinator event (HFC), this number will likely rise in the months ahead. Dubbed “Vasil”, Hoskinson believes it will trigger another surge in network activity, and potential total value locked (TVL).
Most people don’t realize that Cardano DApps wait for Vasil to launch in June so they can benefit from pipelining. So it seems we ain’t seen nothing yet on TVL https://t.co/mMHxwRrF96
— Charles Hoskinson (@IOHK_Charles) March 12, 2022
Despite Rocky Beginnings with Hoskinson, Cardano Is Shaping Up to Have an Interesting Year| Despite Rocky Beginnings with Hoskinson, Cardano Is Shaping Up to Have an Interesting Year
Thus, ADA’s price could have fuel for the mid to long term to sustain its rally. Data from IntoTheBlock suggests institutional investors could have seen this potential trend, as the numbers of addresses moving large sums in ADA tend upwards.
@CardanoThere is an increase in institutional demand
The volume of on-chain transactions >$100k has increased by 50x just in 2022
Yesterday the total amount was 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV
— IntoTheBlock (@intotheblock) March 29, 2022