Cardano (ADA) Attains 9th Position in Market Valuation During Ecosystem Inflows
19 March 2022 - 07:00AM
NEWSBTC
With a market valuation of $28.68 billion, Cardano (ADA) has
claimed the 9th position in cryptocurrency market capitalization,
surpassing Avalanche (AVAX). Despite recent inflows into its
ecosystem, the coin beat Avalanche’s $22.28 billion to attain the
title of 9th largest coin. As the value of Cardano’s ecosystem has
skyrocketed, so too have funds flowing into it. From roughly $1.7
million in mid-January to a present-day total value locked (TVL) up
at just under $315 million – or a 18420% increase. The Cardano team
has entered the third phase of its construction, a process known as
Basho, the Cardano’s next era after Alonzo. Cardano plans to
release Hydra, a collection of Layer 2 solutions, as part of this
phase. In this stage, Basho will update Cardano’s security and
scalability. Related Reading | Cardano Based Project Bashoswap
Introduces Launchpad and DEX The first Hydra Heads have opened on
the public Cardano testnet, and it is an exciting moment for this
scaling journey. As a result, the protocol can be vital in ensuring
that there are no problems along the way towards becoming a fully
decentralized network. Cardano Price Action And Ecosystem Inflows
The Cardano ecosystem is booming with new funds, attracting nearly
$150 million in March alone. With the surge of total value locked
at over $314.87 million from roughly $168.95 million, big things
are expected for this crypto project. Cardano’s TVL has increased
by more than 80% in just two weeks. And It is currently worth
$225.9 million without including staked governance assets. The
increase was noted on February 28th through March 16th, when the
number rose from $150 million to $314.87 million. The Cardano
Minswap has seen a surge in total value locked (TVL) over the last
week, with 121% more locked up than before. Cardano Minswap became
the most significant protocol by flipping the SundaeSwap. The
majority of funds on this network now reside at its Minswap
decentralized platform–with $115 million currently locked.
Even as Cardano (ADA) continues to progress, the price has failed
to catch up. The coin has been on a downward journey after reaching
its ATH at $3.10 in September 2021. Related Reading | TA: Bitcoin
Holds Uptrend Support, What Could Trigger Sharp Decline The Cardano
price has fallen nearly 75% from its all-time high of $3.10 and
currently trading at $0.85 per coin. However, $0.85 remains a vital
resistance point. Because if investors can stay above that price
level, they’ll see their investment rise towards testing another
crucial milestone of $0.9. Although, Cardano is still a long
way from returning to its former price of $1. As investor sentiment
remains negative and the current market favors sellers. Featured
image from Pixabay, chart from Tradingview.com
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