• Cardano (ADA) price surged 10% in the last twenty-four hours.
• The trading volume of the asset has also increased by over 190%.
• The network released its ADA-backed stablecoin called djed (DJED).
Cardano Surges 10% In 24 Hours
Cardano (ADA) price started the day ranging between $0.37 and $0.40, representing a significant increase of 10% in the last twenty-four hours. When this article was written, the price of ADA on CoinMarketCap was reported to be $0.3797. XRP was the top gainer on March 22, as the cryptocurrency reached the top spot thanks to its recent significant price increase over the last 24 hours.
Trading Volume Up By Over 190%
The trading volume of the asset has also increased by over 190% in a single day at the time of publication. According to the analytical findings provided by Messari, the number of active cardano wallet addresses has increased by 31% over the last week.
What Is Bringing Investors To ADA?
Cardano blockchain has only just, on March 16, announced its latest node version, which is version v.1.35.6 in order to allow dynamic peer-to-peer (P2P) networking capabilities and maximize resilience against hostile conduct and outages. Stake pool operators are now testing out this capability, which is notable (SPOs). In addition, Cardano supported CIP-1694 which sped up its progression into Voltaire – “on-chain decentralised governance” of its ecosystem being scaled up with this proposal. It also released an ADA-backed stablecoin called Djed late in January 2021 with prices rising 1%.
Analysis Of ADA Price Movement
The analysis done for ADA’s price movement shows that it has been trading around $0.375 since mid February 2021 but suddenly shot up to $0.42 after Cardano announced their node upgrade version on March 16th 2021 with more updates expected soon.. This could be attributed to investors’ confidence increasing due to high security upgrades and better scalability options as well as more decentralization coming online with Voltaire update later this year making it a strong buy signal for long term holders looking for solid returns from their investments in Cardano coin(ADA).
At present there seems to be no sign of slowing down for ADA’s growth trajectory as momentum builds up behind it with new upgrades and developments coming online regularly increasing demand for Cardano coins among investors seeking higher returns from their investments in digital currencies like Cardano(ADA). With all these positive developments taking place within Cardano ecosystem we can expect further appreciation from current levels as anticipation grows ahead of Voltaire release scheduled later this year