{"id":18669,"date":"2022-06-02T15:00:00","date_gmt":"2022-06-02T15:00:00","guid":{"rendered":"http:\/\/egrowonline.com\/?p=18669"},"modified":"2022-06-02T15:00:00","modified_gmt":"2022-06-02T15:00:00","slug":"cardano-jumps-29-as-bitcoin-ethereum-recover","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=18669","title":{"rendered":"Cardano Jumps 29% as Bitcoin, Ethereum Recover"},"content":{"rendered":"


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Cardano<\/a><\/span> (ADA), the Ethereum competitor is up 29% over the past 24 hours. ADA is currently trading at $0.67, according to data from <\/span>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

ADA is the native token of Cardano, the proof-of-stake layer-1 blockchain that offers stiff competition to Ethereum.\u00a0<\/span><\/p>\n

The token is now the sixth-largest cryptocurrency with a market capitalization of $22.6 billion, overtaking Ripple<\/a><\/span>\u2019s XRP.\u00a0<\/span><\/p>\n

Despite today\u2019s bullish action, ADA is still down 78% from its all-time high of $3.10 recorded in September 2021.<\/span><\/p>\n

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There has been a sharp rise in the coin\u2019s trading volume across major cryptocurrency exchanges too. Its trading volume hovers around $2.4 billion over the past 24 hours, 272% up from the previous trading day.<\/span><\/p>\n

What\u2019s driving Cardano?<\/span><\/h2>\n

The primary reason behind today\u2019s bullish action has been increased DeFi<\/a><\/span> activity on the layer-1 blockchain and the launch of Lagon\u2019s cross-chain bridge.<\/span><\/p>\n

In August 2021, Cardano launched its Alonzo fork<\/a> bringing the ability to develop DeFi applications on top of Cardano. Following the Alonzo fork, the coin jumped more than 116% in less than a month, according to data from <\/span>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

Since the launch of the Alonzo fork, a total of 92 decentralized apps are built on Cardano according to Cardano’s <\/span>showcase<\/span><\/a>.\u00a0<\/span><\/p>\n

Today, many of these applications are seeing an uptick in activity.<\/span><\/p>\n

According to <\/span>Defi Llama<\/span><\/a>, the Total Value Locked (TVL) on Cardano rose by 30.56% over the past 24 hours, indicating increased DeFi activity. The TVL on Cardano currently stands at $194.87 million up from $149.25 million recorded yesterday.<\/span><\/p>\n

\"A\"A<\/span>
Chart representing the TVL on Cardano. Source: Defi Llama<\/a>.<\/figcaption><\/figure>\n

Minswap, a decentralized exchange (DEX<\/a><\/span>) platform and the largest DeFi protocol on Cardano showed increased user activity too. The TVL on the platform increased 21.7% from $56.13 million to $74.01 million over the past 24 hours, according to data from <\/span>DeFi Llama<\/span><\/a>.<\/span><\/p>\n

Other than Minswap, other protocols include WingRiders (a DEX platform), Sundaeswap (also a DEX), and Meld (a lending protocol) also reported an increase of TVL by at least 15% over the past 24 hours.<\/span><\/p>\n

Apart from TVL, the total transaction volume on the Cardano also saw a steep increase from $9.57 billion to $14.24 billion over the past 24 hours, according to data from M<\/a><\/span>essari<\/span><\/a>.<\/span><\/p>\n

Elsewhere, on May 25, Lagon <\/span>tweeted<\/span><\/a> about the launch of a cross-chain bridge to facilitate token transfers between Ethereum and Cardano. The bridge currently supports only USDC, but will also soon open up to all ERC-20<\/a><\/span> tokens.<\/span><\/p>\n

\u201c<\/span>We believe that our solution powered contributes<\/span> Cardano development & growth,<\/span>\u201d tweeted Lagon, the organization responsible for the development of Ethereum and Cardano cross-chain bridge.<\/span><\/p>\n

Meanwhile, the largest cryptocurrency on the market, Bitcoin<\/a><\/span> (BTC), is up 2.95% over the past 24 hours and currently trades at around $31,559.\u00a0<\/span><\/p>\n

Ethereum<\/a><\/span> (ETH) is up 3.26% over the past 24 hours and currently changing hands at $1,970.<\/span><\/p>\n

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Disclaimer<\/p>\n

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n

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Cardano (ADA), the Ethereum competitor is up 29% over the past 24 hours. ADA is currently trading at $0.67, according to data from CoinMarketCap. ADA is the native token of Cardano, the proof-of-stake layer-1 blockchain that offers stiff competition to Ethereum.\u00a0 The token is now the sixth-largest cryptocurrency with a market capitalization of $22.6 billion, […]<\/p>\n","protected":false},"author":1,"featured_media":18670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[50,266,158,3622,998],"class_list":["post-18669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-bitcoin","tag-cardano","tag-ethereum","tag-jumps","tag-recover"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/Cardano-gID_4.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18669"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18669\/revisions"}],"predecessor-version":[{"id":18671,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18669\/revisions\/18671"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/18670"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18669"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}