Cardano ADA adds $1 billion to its market cap in latest rally

Cardano ADA

Cardano (ADA) ecosystem saw over $1 billion in inflows during this week’s price surge, according to statistics from on-chain aggregator CoinMarketCap, as a slew of tokens went green and registered gains.

Bitcoin (BTC) and Ethereum (ETH) were both up more than 5%, with the former breaking above $21,000 for the first time in almost a month. Despite the continuing downward market, several currencies, such as Dogecoin and Solana, have seen double-digit rises.

This week’s inflows increased ADA’s market cap to be than $14.2 billion, putting it $2 billion ahead of Cardano’s nearest competitor Solana in terms of market capitalization. At the time of publication, ADA was rated eighth among cryptocurrencies, ahead of Solana (9th), Dogecoin (10th), and Polygon (11th) (11th).

ADA’s gains were also reflected in technical charts, with the weekly period up more than 15% as of press time, according to TradingView data. Cardano’s asset price pump during the last 24 hours was moderate, trading over $0.40.


Cardano ADA
Source: Tradingview


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Vasil Hard Fork for Cardano

Cardano’s price may not have burst in comparison to other cryptos during this week’s surge, but ADA supporters received a huge technological improvement in September. After some unforeseen delays, ADA developers released the Vasil Hard Fork upgrade a few days after the Ethereum proof-of-stake update.

Vasil, as previously reported, was created to improve smart contract performance and efficiency by utilizing a technology known as Plutus v2. Vasil, seen as Cardano’s most significant technological update to yet, is expected to boost transaction speeds and reduce costs.