Investing.com – In less than 48 hours, one of the major cryptocurrencies has recovered its pre-market levels in early May amid expectations of massive gains in the coming weeks.
The Cardano currency increased during these moments of trading today, Tuesday, by more than 30%, while it rose by more than 50% in 48 hours, reaching levels of 0.6823.
In light of the strong rises witnessed by the Cardano currency, the brilliant currency succeeded in advancing a new rank to the top after dropping the Ripple from its position.
The market value of the Cardano currency rose to levels near 23 billion dollars, exceeding Ripple 20 billion dollars, to become the sixth largest digital currency in the market.
Cardano rises 30% within a week, while it declines 12% during May and by 50% since the beginning of the year. In contrast, Ripple rises 3% within a week, while it declines 30% during May and by 50% since the beginning of the year.
Caradano’s projection of Ripple to become the sixth largest cryptocurrency coincided with a surge in trading volumes on the coin as transaction volumes jumped to 3 times higher than Ethereum.
According to crypto experts, several factors affected, including the price reaching the bottom and the historical bottom of the currency, where the price jumped after a sharp rise in losses on the Cardano network.
In addition comes the Cardano-Ethereum USDC bridge and the launch of the USDC Iagon Cardano-Ethereum bridge has added to the hype in the community.
The second largest stablecoin can now be migrated from to the Cardano blockchain, which is a milestone in Cardano’s interoperability as support for other tokens will be introduced soon.
Alongside comes the all-time high development activity on GitHub, which has reached an all-time high, and the upcoming Vasil Hard Fork next June.
According to statistics, the number of wallets holding ADA on the Cardano blockchain has grown by just over 70,000 over the past 30 days, with more than 2,000 wallets being added daily during the mentioned period.
The data also showed that ADA whale transactions rose to a 4-month high after the cryptocurrency bottomed at $0.40 earlier this year, and it appears that whales were buying the dip ahead of the upcoming split that will improve the network’s performance.
Cardano’s price has risen nearly 50% in the past two days, posting a high of $0.67, and the price bottomed out at $0.45, prompting investors and whales to buy on the dip.
Moreover, the number of transactions and Total Locked Value (TVL) has increased dramatically in the past couple of days, sending prices skyrocketing, especially after the number of NFTs minted on the Cardano network has now exceeded 5 million.
More than 5 million original assets have been minted on the Cardano blockchain ($ADA), there are now 5.0 million original assets on Cardano 1 and according to the Cardano documents, is a set of rules that govern the minting and burning of assets subject to this policy.
Cardano is unlikely to stop making progress in its attempt to attract more users to the network, as the Cardano community is eagerly awaiting the launch of Vasil Hard Fork at the end of June.
According to Cardano founder Charles Hoskinson, more developers will switch to the blockchain once the hard fork is implemented, thus, the price of ADA plus Total Lock Value (TVL) is raised across various protocols.
Hoskinson also recently said that looking at 24-hour transaction volumes across major blockchains, the Cardano network’s activity was second only to the leading cryptocurrency.
The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.