Cardano has also reclaimed 7th spot in cryptocurrencies by market valuation
According to CoinMarketCap, the price of Cardano (ADA) has risen over 12.36% in the past 24 hours, outperforming the rest of the top 10 cryptocurrencies by market capitalization.
Cardano continued its four-day positive run, reaching highs of $1.17 at the time of publication. Cardano has also reclaimed seventh place in cryptocurrencies by market valuation at $39.05 billion, flipping Terra’s LUNA. ADA’s inclusion in a new Grayscale fund and Coinbase enabling Cardano staking may have contributed to its upward momentum.
At press time, ADA was changing hands at $1.16, up 9.08% in the past 24 hours and up 36.68% in the past week. Chain analysis firm Saniment reports the accumulation of ADA among the addresses of large holders, which led to the recent price increase.
Data from blockchain data tracker DefiLlama indicates that the total value locked in the Cardano ecosystem has nearly reached half a billion, with the inclusion of staked governance assets. With the inclusion, Cardano’s TVL stands at about $419 million. However, without the inclusion, Cardano’s TVL was about $318.18 million.
The majority of funds on the network are concentrated on the Minimum exchange decentralized platform, with $195.22 million currently tied up. Minswap announced that it is fixing issues on its network after reporting being in maintenance mode due to unspecified issues the day before.
Growth just getting started
As previously covered by U.Today, IOHK CEO and Cardano founder Charles Hoskinson say of the growth in TVL just getting started: ”What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork in June to launch to benefit from pipelining. So it seems we ain’t seen anything yet on TVL.”
In addition to the network’s financial growth, development activity on Cardano is also booming, with over 3,008 Github commits reported by IOHK for the week.
Cardano’s founder Charles Hoskinson, commenting on the progress of Cardano (ADA) adoption, stated: ”Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady.”
