Cardano was pushed down in the crypto top 10 by market cap as LUNA and XRP took over its former place. However, ADA’s price has been surging in the last month and could reclaim previous highs as the general sentiment turns bullish.
Related Reading | Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts
At the time of writing, Cardano (ADA) trades at $1.20 with a 30% rally over this period. This makes ADA the best-performing cryptocurrency by market cap.
ADA’s price has been recovering from a multi-month downside that saw its price drop from an all-time high at around $3 to under $1 in 2022. There are several factors contributing to the current rally.
This includes the full implementation of smart contract capabilities, the increase in developer activity recorded by the network, the improvement of Cardano to make it more decentralized and scalable, according to its main developer IOG.
Most importantly, the above factors have translated into an ecosystem explosion. There are hundreds of projects building on Cardano which could be re-fueling the Ethereum Killer narrative.
IOG recently highlighted some of these projects. Via their official Twitter handle, the company said:
The Cardano ecosystem is growing by leaps and bounds, with new players entering the ecosystem every day. Let’s start this week with a recap of the latest news & announcements from projects Building On Cardano and contributing to its growth.
Among these projects is Milkomeda. Created as a scalability solution for Cardano, this project is set to integrate the network with Ethereum Virtual Machines (EVM) capabilities.
The project was launched on March 28 on Cardano. In the future, this network will be able to integrate with other blockchains, such as Avalanche, and Algorand.
IOG also mentioned Ergo, a decentralized exchange that will be deployed in the Cardano testnet on April 4. In addition, this network will see more use cases with the future launch of a converter bridge solution, created by Singularity, and real asset tokenization with the Indigo Protocol.
The inventor of Cardano, Charles Hoskinson, celebrated the growth of the project. In 2021, Hoskinson predicted a boom in the number of projects building on this network, and the number of assets launched on Cardano. Via Twitter, he posted that there are “millions” of both surpassing his expectations.
In the coming months, this number seems poised to climb as the network prepares for another Hard Fork Combinator (HFC) event. Dubbed “Vasil”, Hoskinson believes it will trigger another surge in network activity, and potential total value locked (TVL).
Related Reading | Despite Rocky Beginnings with Hoskinson, Cardano Is Shaping Up to Have an Interesting Year
Thus, ADA’s price could have fuel for the mid to long term to sustain its rally. Data from IntoTheBlock suggest institutional investors might have caught on to this future trend as the number of addresses moving large sum in ADA trend upwards.
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