Despite the recent crisis that has meant that the crypto market has lost as much as 55% of its capitalization since the beginning of 2022 as Bitcoin plummeted below $22,000, one DeFi asset is making solid gains.
In the last 24 hours, Cardano (ADA) has climbed over 10% as it trades at $0.5009 at the time of publication on June 14, according to CoinMarketCap data.
Indeed, the largest Proof-of-Stake (PoS) asset in the last has climbed from $15.02 billion to $17.12 billion, adding over $2.1 billion to its capitalization amidst the current market uncertainty.
During this time, the value of Bitcoin and Ethereum has continued to trade in the red, falling by 7.45% and 4.23% in the last 24 hours, respectively.
Meanwhile, Bitcoin and Ethereum continue to trade in the red, down the 7.45% and 4.23%, respectively.
Cardano rallies ahead of a hardfork event
Historical data suggests that ADA’s price increases in the days leading up to a hardfork event. Given that the Vasil hardfork update is in the ‘final mile’ and is scheduled to be finished this month, investors are careful watching whether or not they should buy Cardano.
It may also come as no surprise that Cardano has returned to the green despite its price plummeting as low as $0.44 on June 13 since ADA recently topped a poll as the most held coin in a bear market.
While at the start of the month, Cardano led the market as the biggest gainer out of the top 100 cryptocurrencies by market capitalization.
Add that Cardano founder Charles Hoskinson described the anticipated Cardano Vasil hardfork upgrade as “a basket of improvements related to the scalability side and also development experience” in an interview on June 9, stating that Cardano is ‘growing exponentially’ as it prepares for its major upgrade.
Developments on the network
Recently, the developer of Cardano, Input Output Global (IOG), made two product announcements that have the potential to add to the price of ADA in the near future. The company introduced a brand new wallet known as Lace and launched a brand new Ethereum Virtual Machine (EVM).
Lace aims to be Cardano’s new light wallet and to contribute to the cryptocurrency’s increased adoption. Users will benefit from “enhanced capability and ease of use” when using the wallet.
Using the EVM tool, developers will be able to construct solidity-based apps from scratch or migrate existing ones. It is possible that this will make it possible for products to emerge independently from the Cardano mainnet and establish their own dynamics. This might potentially encourage expansion across this ecosystem in the future.
Ultimately, one of the most important aspects of the Cardano ecosystem is the expectation that it will continue to grow.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.