The start of the week will have been relatively favorable for the cryptocurrency market, which as a whole gained 5.47% in total valuation. Bitcoin notably distinguished itself in this upturn by ending a series of nine successive weeks in the red. However, the star of the resurgence recorded by the major cryptocurrencies is none other than Cardano, which has made a 15% surge. Details in the following.
Cardano’s Rise Driven by Three Main Factors
After the losses suffered throughout May, the main cryptocurrencies in the market started the week in the green. In particular, BNB rose by 4.48%, SOL by 11.41%, while XRP posted a rise of 3.64% on Monday. For their part, bitcoin and ether gained almost 6% and 7% respectively, which allowed the first of the cryptocurrencies mentioned to regain the level of 31,000 dollars. Cardano will have flown all over the world with a 15% surge that propelled it to a weekly high of $0.64.
Three factors explain the performance achieved by the altcoin, namely: the accumulation of ADA by the whales, the development of the network and the optimistic expectations around the hard Fork Vasil. The on-chain analysis company Santiment has also provided interesting data on the first of the three factors mentioned. In particular, she shared a graph over the weekend illustrating the high activity of whales on the ADA network. The company recalled that the ADA had already jumped almost 28% the last time such activity occurred.
Preparations intensify for the arrival of the Vasil hard fork
With a launch scheduled for June 29, preparations for the Vasil hard fork are in their final stretch. This was notably confirmed by the IOHK Foundation in its latest update on the event, which is particularly awaited by the ADA community. The upgrade team plans to launch a testnet for Vasil developers this week.
Their goal is to ensure that ecosystem partners have enough time before the hard fork of Cardano’s main testnet. Regarding the growth of the network, IOHK revealed that there are currently 992 projects that are being developed on Cardano, and that the latter’s native tokens have now passed the 5 million mark.
This breakthrough in ADA and the euphoria surrounding the approaching Vasil upgrade has reignited speculation within the community around a return of the altcoin to $1. However, the asset recorded a further loss of more than 5% over the entire past 24 hours to trade at $0.58 at the time of writing.
