With the recent crisis in the cryptocurrency market, many digital assets have lost a lot of value. In fact, the market as a whole has lost about 55% of its capitalization since the beginning of the year. Meanwhile, bitcoin (BTC) fell below $ 22,000. But in this context when even the queen of cryptocurrencies did not hold up, according to data, cardano made significant gains.
Cardano (ADA) has increased its market capitalization.
For the past 24 hours, there has been cardano (ADA). increase in value by more than 10%. Currently, the cryptocurrency is trading at around $ 0.5009, according to data disclosed by CoinMarketCap. The same data show that the largest asset Proof of Bet (PoS) in recent years has increased from nearly $ 15.02 billion to $ 17.02 billion. so, about $ 2.1 billion increased its market capitalization.
As ADA rose in value, strangely, more famous digital assets like BTC and ETH were trading in the red. They are respectively fell 7.45% and 4.23% during the last 24 hours. Should we see this as a sign that ADA shows more stability than the major cryptocurrencies on the market. ? This is a moment many professionals and private investors want to believe.
Reasons for the rise in the price of cardano (ADA)
What explains why the value of an ADA rises even when other cryptocurrencies lose it? Historically, the price of a digital asset rises in days before hardfork. However, for now, everyone has their eyes riveted on the hardfork Vasil, according to information from the ADA team, should be available by the end of this month.
Because an event is as important as the hardforkit’s completely normal for the ADA price is set a few dollars. But that was not the only factor that came into play. Analysts also cite the results of a recent survey to defend the position of ADA. In the survey, the digital asset came in first place in the ranking of most retained cryptocurrencies in the middle of a bear market.
Cardano (ADA) is resisting the fall in cryptocurrency prices in general, even as bitcoin (BTC) and ether (ETH) record significant price declines. The scenario, which may seem interesting, justifies the ADA’s characteristics of making it the most preserved digital asset during a crisis.
Get a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Behind the generic “Redaction CT” signature are young journalists and authors with specific profiles who wish to remain anonymous because of their connection to the ecosystem and certain obligations.