The rise in ADA also relates to the recent outage experienced by Solana on Tuesday, an incident that highlights Cardano’s robustness as a leading competitor.
The opposite dynamic between trading volume and circulating supply highlights the current dynamic of the Cardano market.
In the last 24 hours, the value of the cryptocurrencyCardano (ADA) records a solid 6% increase, reaching the 0.57 mark Dollars.
This increase adds to the bullish trend observed last week, where the cryptocurrency registered an impressive growth of almost 20% (+19.7%), starting from US$0.49 to its current value. It should be noted that the currency’s all-time high stands at 3.09 USD.
Cardano: what’s behind the rally
The recent rally in Cardano price may be driven by various factors, highlighting the optimistic outlook of analysts and the continuous developments within its ecosystem.
A crucial element that caught investors’ attention is the progress towards implementing an on-chain governance model, marking the beginning of the long-awaited Voltaire Age. This strategic phase seeks to establish a robust governance framework, allowing ADA holders to actively influence the direction of the network. This initiative has sparked great interest among investors, who value the ability to participate in key decisions.
Innovative projects such as Cardano Light Wallet Lace also contributes to further strengthening the position of the cryptocurrency by offering efficient solutions for ADA storage and transactions, enhancing its practical utility. The active developer community, always at the forefront of innovation, continues to introduce updates that improve the user experience and maintain investor interest.
The increase in ADA is also related with the recent outage experienced by Solana on Tuesday, an incident that highlights Cardano’s robustness as a leading competitor. This setback has led investors to reconsider their positions, and growing calls to migrate to Cardano are gaining ground.
As for Cardano’s trading performance, the trading volume has seen a notable increase of 64.0% in the last week. This increase contrasts with the 0.15% decrease in the total circulating supply of the currency, which now stands at 35.13 billion. This value represents approximately 78.06% of its maximum offer, set at 45.00 billion. The opposite dynamic between trading volume and circulating supply highlights the current dynamic of the Cardano market.
Source: Ambito
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