The Cardano (ADA) price has skyrocketed 30% amid the market-wide recovery in the crypto space.
ADA has flipped XRP to become the 6th largest cryptocurrency as transaction volume jumped to 3 times those of Ethereum. In fact, several factors including prices hitting the bottom level, the Cardano-Ethereum USDC bridge, all-time high development activity on GitHub, and the upcoming Vasil Hard Fork in June have influenced the massive rally.
Cardano (ADA) Price Rebounds from bottom levels
The Cardano (ADA) price rose nearly 50% in the last 2 days, making a high of $0.67. The price bottomed out at the $0.45 level, bringing in investors and whales to buy the dip. Moreover, the number of transactions and total value locked (TVL) have increased enormously in the last two days. Thus, it is pushing prices to skyrocket. The number of NFTs minted on the Cardano network has now surpassed 5 million.
In fact, Cardano’s team has been working on numerous projects as prices continue to dip. The development activity on GitHub has hit an all-time high and the price jumped after a loss spike was witnessed on the Cardano network, reported Santiment in a tweet on May 31.
“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 All-Time High levels, as ADA‘s team worked on innovating while prices were suppressed.”
The launch of Iagon’s Cardano-Ethereum bridge for USDC has also brought hype to the crypto community. The second-largest stablecoin can now be migrated from Ethereum to the Cardano blockchain. It is a major interoperability milestone for Cardano. Support for other tokens will be introduced soon.
Community Awaits the Vasil Hard Fork
Cardano does not seem likely to stop making progress in its bid to attract more users to the network. The Cardano community is eagerly awaiting the launch of Vasil Hard Fork in June-end.
Charles Hoskinson claims more developers will switch to the blockchain once the hard fork is implemented. Thus, boosting the price of ADA as well as the total value locked (TVL) across various protocols.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.