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Home»BITCOIN NEWS»ADA, TVL rises 14% due to increase in market capitalization
BITCOIN NEWS

ADA, TVL rises 14% due to increase in market capitalization

By Crypto FlexsFebruary 18, 20243 Mins Read
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ADA, TVL rises 14% due to increase in market capitalization
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Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has weathered the recent market downturn and experienced a 14% price increase over the past week. This bullish momentum can be attributed to a combination of factors, including impressive ecosystem growth, strong technical analytics, and increasing investor confidence.

Cardano TVL Soars, Stablecoins Gain Traction

The recent Messari Q4 2023 report presents a vivid picture of the Cardano ecosystem. The network’s Total Value Locked (TVL) increased 166% quarter over quarter, reaching a record $450 million. This represents a remarkable 693% year-on-year (YoY) increase, demonstrating the rapid expansion of decentralized finance (DeFi) activity on Cardano.

The growth was not limited to the overall TVL. Stablecoin adoption surged 37% QoQ and 673% YoY, highlighting the growing role of stablecoins in the Cardano ecosystem. This increased stability attracts more users and facilitates various DeFi activities such as lending, borrowing, and trading.

The report also credits existing protocols such as MinswapDEX and the newly launched Indigo protocol with driving this expansion. Indigo, a synthetic derivatives exchange, has emerged as TVL’s largest protocol, surpassing even Minswap. This diversity within the ecosystem presents exciting opportunities for future growth.

Technical aspects point to sustained gains

In addition to fundamentals, technical analysis suggests further upside potential for ADA. After a brief price correction, Cardano formed a bullish pennant pattern, which typically indicates the continuation of an upward trend after a period of consolidation. This technical setup is consistent with the positive sentiment surrounding the project and adds another layer of confidence to investors.

Cardano currently trading at $0.6273 on the daily chart: TradingView.com

The recent price breakout of the pennant confirms this bullish outlook. With a market cap of over $21 billion, Cardano has safely established itself as one of the top ten cryptocurrency assets. These impressive valuations reflect widespread recognition of Cardano’s potential.

ADA price action. Source: Coingecko

Moreover, in the last 24 hours alone, trading volume has increased by 21%, reaching nearly $730 million. This surge in activity signals continued high investor interest even amid the current upward price movement.

The price of ADA solidified its upward trend, showing a stable upward trend, fluctuating between $0.58 and $0.62 throughout the week. Cryptocurrency expert Dan Gambardello further fueled expectations by suggesting that ADA has the potential to surpass expectations and reach the coveted $1 mark despite market volatility.

The development engine roars: Hydra and Mithril drive innovation

Cardano’s strengths are not limited to price and TVL. The network boasts an active developer community actively building the future of the ecosystem. The Cardano Hydra team is hard at work on version 0.15.0, with a focus on improving scalability and transaction throughput. Significant progress has been made in smoke testing and website publishing workflows to make Hydra a reality.

Additionally, the Mithril team recently released an initial version of the Mithril client NPM package, marking another step toward developing secure and efficient smart contracts on Cardano. These ongoing advancements solidify Cardano’s commitment to innovation and position it well for future adoption.

Featured image from Adobe Stock, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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