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Cardano (ADA) scored 31 percent gains over the past 24 hours, making it the largest gainer among large-cap stocks. Bitcoin, in comparison, is risen only 3% during the same period.
In November 2021, the price of ADA peaked at $3.10, right prior to the implementation of smart contract capabilities. Since then, it has been drifting downward, breaching major support levels on the way down and causing some community members to become frustrated.
A local low of $0.39 was reached on May 13 as a result of the Terra implosion-induced market-wide decline. During the past seven months, ADA has lost 87 percent of its value from peak to trough.
In recent weeks, selling pressure has caused token values to plummet across the board. Some detractors, like @BobLoukas, anticipated Cardano to be disproportionately harmed and advocated for a price of $0.10.
$ADA another cult coin that will drop below $0.10. pic.twitter.com/p9olV7LQ60
— Bob Loukas (@BobLoukas) May 26, 2022
Nevertheless, Cardano is now dominating the large-cap cryptos as the market recovers.
Wait, shouldn't we be experiencing cryptowinter?
Recent crypto price activity has been described by some as the resumption of the bull market. Since bottoming out at $1.129 trillion on May 12, the overall market capitalization of cryptocurrencies has experienced net inflows of $188 billion, suggesting that crypto winter may be over.
The rise in global markets on Monday was linked to the Chinese government's announcement of new stimulus measures and the easing of lockdowns in its main cities. The momentum generated by Friday's excellent performance of US equities is also working as a tailwind for risk-on markets.
Mark Haefele, chief investment officer of UBS Global Wealth Management, cautioned that recent encouraging signals are insufficient to declare an end to bear market forecasts.
“A week of positive developments is not sufficient to call an end to recent volatility.”
Despite this, the Fear and Greed Index increased by six points to a score of 16. Still within the realm of intense dread, but a two-week high.
Developments at Cardano
Cardano, which broke a local downtrend on May 31 with a convincing advance over $0.60, is leading the cryptocurrency rally. As a result of this performance, ADA reached $0.6938 before slightly retreating to $0.6700 at the time of writing.
Dan Gambardello, founder of Crypto Capital Venture, attributes Cardano's bullishness to the forthcoming Vasil hard fork, saying that "the story just gets better."
#Cardano Vasil Hardfork weeks away as the story only keeps getting better for $ADA.
— Dan Gambardello (@cryptorecruitr) May 30, 2022
The Vasil hard fork is expected for June 29 and will include updates to scripting and block production, among others, to enhance network speed.
