The price of Cardano (ADA) is up over 20% today, bringing respite to traders and investors after weeks of gloomy struggles in the cryptocurrency market. ADA has surpassed XRP, with its transaction volume increasing by 3x compared to that of Ethereum. has occurredth Largest crypto by market cap.
At the time of writing, ADA was trading at $0.6347, up 21.41% after retreating from the daily high of $0.6823.
ADA price rise has been influenced by the following factors: ADA price rebounding from lower levels, GitHub development activity for USDC on Lagan’s Cardano-Ethereum bridge launch, and Vasil hard fork launch.
ADA Price Rebounding From Bottom Levels
ADA price rally from the $0.45 low to $0.68 high brought whales and investors to take a dip. Additionally, the total value locked (TVL) and the number of transactions also increased, leading to an increase in the price rally.
GitHub Development Activity
As the price continued to drop, the Cardano team continued to work on a number of innovative projects. GitHub’s development activity has hit an all-time high after losses on the Cardano network over the past few weeks, driving the price up.
Yesterday Sentiment tweeted:
“Cardano is one of the many altcoins that enjoyed a great start to the week, currently up +13% over the past 24 hours. Growth activity has hit an all-time high, as the ADA team tracked prices. Worked on innovating while pressing.
I #cardano is one of many #altcoins Which has had a great start to the week, is currently up +13% in the last 24 hours. development work affected #all time high level, as $adaThe team worked on innovation while prices were suppressed. https://t.co/kSqbhUZOe8 pic.twitter.com/XiFVl0NK2M
— sentiment (@santimentfeed) 30 May 2022
Lagon’s Cardano-Ethereum Bridge Launches for USDC
Another reason for the rally is the launch of Lagon’s Cardano-Ethereum bridge which will enable the move of the second largest stablecoin (USDC) from the Ethereum blockchain to the Cardano blockchain. This is a great interoperability milestone for Cardano as the team aims to introduce other tokens as well.
Vasil hard fork launch
As Cardano is taking progressive steps and attracting more users to its network, the Cardano community is eagerly awaiting the launch of Vasil Hard Fork, an upgrade to the Cardano network, in late June.
Cardano blockchain founder Charles Hoskinson said that once the hard fork is implemented, more developers will move to the Cardano blockchain and this will accelerate the price of ADA.
More than 25% jump after Cardano (ADA): This is why ADA rally first appeared on CoinJournal.