- ADA rose more than 7% last week, but bearish sentiment still prevailed.
- Cardano’s latest report highlighted the work done by several teams over the past week.
Cardano (ADA) Investors were pleased as the token posted promising gains last week. Things remain interesting on the development side as well, with ADA developers putting in some effort while the token price remains strong.
ADA is back on track!
According to CoinMarketCapADA (ADA) showed remarkable performance last week, surging in value by more than 7.6%.
The token is up 2% in the last 24 hours. At the time of this writing, ADA was trading at $0.5168, with a market capitalization of over $18.3 billion. The price increase was accompanied by an 18% increase in volume, justifying the upward trend.
AMBCrypto’s look at Coinglass’ data shows that Cardano’s public interest has also increased recently. This suggested the following possibilities: ADAThe price surge was even higher.
Source: Coinglass
Driven by rising prices, Cardano became a hot topic in the cryptocurrency industry last week as its social dominance surged.
However, it is surprising that despite the rise in value, negative sentiment surrounding the token dominated the market. This is clearly evident in the low-weight sentiment graph.
Source: Santiment
Cardano’s development is equally strong.
Apart from indicators and price action, things on the development side also looked promising. AMBCrypto’s analysis shows that development activity for ADA has increased significantly over the past seven days.
The number of contributors to development activities has also surged quite significantly over the same period.
Source: Santiment
Cardano recently released the latest edition of its weekly development report, highlighting why development activity is increasing.
Last week, the Hydra team conducted its annual roadmap session and introduced some groundbreaking API changes to introduce several new features.
We publish a weekly magazine every Friday. #Cardano Development update.
To learn more about what the IOG development team has been working on this past week, head here 👇https://t.co/J16ckEkVRX
— Input Output (@InputOutputHK) February 2, 2024
The Mithril team continues to implement new data types to authenticate Cardano transactions within the Mithril network. We also completed improved node communication between Mithril and Cardano for UTXO retrieval.
Meanwhile, the Voltaire and Sanchonet teams developed an important Conway feature that allows stake pool operators to select and vote on updates to security-relevant protocol parameters.
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Apart from this, the weekly report also mentioned updated statistics of the Cardano blockchain. To date, the blockchain has completed 83.2 million transactions and holds 9.52 million native tokens.
Additionally, more than 157 projects have been launched on blockchain and more than 1,300 projects are being built. ADA.
Source: EssentialCardano