Cardano (ADA) Market Cap Adds $2 Billion in 24 Hours Amid Market Downturn

Despite the recent sell-off that led to the crypto market dropping below $1 trillion in terms of market capitalization, Cardano (ADA), the 7th largest cryptocurrency has gained $2 billion in the last 24 hours.

Cardano (ADA) has surged over 10% based on 24 hours estimation and is trading at $0.5 at the time of press, according to CoinMarketCap. Within this period, the digital asset managed to $15.02 billion to $17.12 billion, adding over $2.1 billion to its market cap despite the major sell-off.

Meanwhile, Bitcoin (BTC) and Ethereum (ETH) continue to trade in the red, down by 7.4% and 4.2%, respectively.

Upcoming Vasil Hard Fork Event Impacting Cardano (ADA) Price?

Historically, the price of Cardano (ADA) increases in the days leading up to a hard fork event. Given that the Vasil hard fork combinator event (HFC) is in the ‘final mile’ and is scheduled to be finished this month, investors are carefully watching whether or not they should buy Cardano.

It may also come as no surprise that Cardano has returned to the green despite its price plummeting as low as $0.44 on June 13 since ADA recently topped a poll as the most held coin in a bear market.

Meanwhile, Charles Hoskinson, the founder of Cardano, had, in an interview on June 9, described the much-anticipated Vasil hard fork upgrade as “a basket of improvements related to the scalability side and also development experience”, stating that Cardano is ‘growing exponentially’ as it prepares for its major upgrade.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.