Cardano

Cardano (ADA) Adds $1 Billion To Market Cap In Latest Bear Market Rally

Summary:

  • Over $1 billion flowed into the Cardano ecosystem in a single day as crypto prices experienced gains.
  • ADA’s market cap crossed $14 billion during this week’s rally, ranking the crypto eighth among digital tokens and blockchain networks.
  • Cardano’s token is also up 15% on the weekly chart per data from CoinMarketCap while ADA is up almost 2% at press time according to TradingView.
  • Charles Hoskinson’s decentralized chain recently shipped a hard fork upgrade dubbed Vasil.
  • Vasil’s update reportedly props up smart contract functionality on ADA’s blockchain network. 

According to the data from on-chain aggregator CoinMarketCap, Cardano’s (ADA) ecosystem saw inflows of over $1 billion during this week’s price rally where a myriad of tokens went green and recorded gains. 

Cardano (ADA) Adds $1 Billion To Market Cap In Latest Bear Market Rally 10
ADA Market Cap

Market leaders Bitcoin (BTC) and Ethereum were both up over 5% as the former broke above $21,000 for the time in almost a month. Some coins like Dogecoin and Solana also recorded double-digit gains despite the ongoing bear market. 

This week’s inflow grew ADA’s market cap to over $14.2 billion, $2 billion above Cardano’s closest competitor Solana as market capitalization is concerned. At press time, ADA ranked eighth among cryptocurrencies, above Solana (9th), Dogecoin (10th), and Polygon (11th).

ADA’s gains were also reflected in technical charts as the weekly timeframe was up more than 15% per data pulled from TradingView at press time. Cardano’s pump in terms of asset price over the past 24 hours was modest, trading above $0.40. 

Cardano (ADA) Adds $1 Billion To Market Cap In Latest Bear Market Rally 11
ADA/USDT Chart by Trading View

Cardano’s Vasil Hard Fork

Although Cardano’s price might not have exploded compared to some other cryptos during this week’s rally, ADA proponents received a major technological upgrade in September. A few days after the Ethereum proof-of-stake update, ADA developers shipped the Vasil Hard Fork upgrade after unexpected delays. 

As previously reported, Vasil was designed to finetune smart contract functionality and efficiency by tapping a feature dubbed Plutus v2. Regarded as Cardano’s most important technological overhaul so far, developers also expect Vasil to improve transaction speeds and optimize costs.