Cardano (ADA) Leads Major Cryptos Relief Rally, Up 25percent Overnight
Categories: Crypto News US
Amid a crypto market generally showing signs of recovery following last month’s meltdown, the token underpinning the Cardano blockchain is up 25 percent in the space of a day. Cardano Outranks Ripple Cardano (ADA) is now the sixth-ranked cryptocurrency with a market capitalisation of US$22.6 billion, overtaking Ripple’s XRP and trading at $0.67 at time of writing, as per data from CoinMarketCap. Trading Volume Pumps 272% Across major crypto exchanges, ADA’s trading volume averaged US$2.4 billion over 24 hours, representing a 272 percent increase on the previous day.According to Defi Llama, the Total Value Locked (TVL) on Cardano rose by 30.56 percent over the same period and is currently at US$194.87 million, up from $149.25 million.Since the beginning of the year, Cardano has seen a 50-fold spike in large transaction volume (LTV), representing a significant increase in institutional demand. BTC, ETH Also Up As a further reflection of an overall crypto market recovery, Bitcoin was up 2.95 percent over the same 24-hour period, trading at around US$31,478 at time of writing, while Ethereum was up 3.26 percent and fetching US$1,933.