A 30% increase in the price of Cardano (ADA) has been seen between 2:44 PM on Monday and 11 AM on Tuesday this week. The price jumped from $0.5167 to $0.6744. Cardano is trading at an astounding $0.6567 per ADA, which is 25.38% higher than its price 24 hours earlier. The data was taken from CoinDesk.
Surprisingly, the price of Cardano (ADA) has been increasing for the past 7 days, i.e., a 26% increase compared to last week. However, despite the price hike, ADA has not yet come close to its all-time high of $3.09. Nevertheless, the current value of ADA is a major sign of relief for the crypto investors of ADA. The crypto world faced a crypto crash gloom for weeks, and the improvement in the price of ADA is a great sign. Additionally, the total market value of cryptocurrencies has already crossed the $1.30 trillion mark in the past 24 hours. Among the crypto competitors, particularly all the blue-chip cryptos, ADA is leading the gains by great margins.
Trading in ADA occurs on a global level. Primarily, ADA is the native token of Cardano, which Ethereum co-founder Charles Hopskins founded. It is named after a 19th-century mathematician, Ada Lovelace, also known to be the world’s first computer programmer. The Cardano blockchain is decentralized and, above all, open-source. As a result, Cardano is a sustainable, flexible, and scalable blockchain platform which is highly efficient in running smart contracts.
Right after lagon launched the Ethereum-Cardano bridge for the second largest stablecoin, namely USDC, the price of Cardano (ADA) has been increasing since then. The ERC-20 IAG tokens and USDC can now be easily bridged from the Ethereum to the Cardano network with this launch. Through the cross-chain bridge, the use of crypto assets of one blockchain on another is possible now. Experts state that there is a high possibility that the inclusion of USDC in Cardano will strengthen Cardano’s DeFi ecosystem.
According to another report, the increase in the price of ADA is due to the issuance of native assets on the Cardano network. As of today, more than 5 million crypto assets have been minted on Cardano. The surge in the price is likely to increase in the near future as Cardano is planning to upgrade the network this month. The upgrade will improve the scaling capabilities of the Cardano network.