Cardano Rises 15%, Outperforming The Majors In Terms Of Gains.

According to Messari data, cryptocurrencies have recovered in the last 24 hours, erasing daily and weekly losses while gaining 5.47% to the whole market valuation, especially with Cardano’s ADA rose as much as 15%.

According to CoinMarketCap data, Cardano’s ADA increased by up to 15%, topping gains among the top cryptocurrencies. BNB Chain’s BNB soared by 4.48% in the last 24 hours, Solana’s SOL increased by 11.41%, and XRP increased by 3.64%. Bitcoin (BTC) and Ether (ETH), the two most prominent cryptocurrencies, gained about 6% and 7%, respectively, during the rebound.

Following the previous sell-off, traders may have considered cryptocurrencies as oversold and bought assets; for example, Bitcoin has reclaimed the $31,000 level after nine weeks of loss.

Whale accumulation, network expansion, and positive anticipation surrounding the upcoming Vasil Hard Fork may appear to be fundamental reasons for Cardano’s current price movement.

Santiment, an on-chain analytics firm, announced over the weekend that massive whale transaction counts have begun to surface on the ADA network. It offered an example of ADA rising approximately 28% the previous time this happened.

IOHK also provided a graph depicting network growth. Cardano now has 992 projects under development, up from 986 previously. Cardano has just launched 89 projects, bringing the total number of NFT projects to 5,796. Cardano native tokens have also crossed the 5 million mark.

According to IOHK’s most recent weekly development update, preparations for the Vasil Hard Fork are nearing completion, with the team’s attention now shifting to tracking weekly milestones that will drive the following steps.

According to IOHK, the plan for this week is to launch a new Vasil developer testnet and collaborate closely with a large group of developers on final testing to ensure ecosystem partners (including developers and third-party component providers) have enough time before hard forking the main Cardano testnet.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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