Cardano (ADA) has been printing outstanding performance over the past few days as the crypto market turns green in favor of Bitcoin (BTC) and other top altcoins.
Cardano (ADA), the largest proof-of-stake (PoS) blockchain, is now the 7th largest cryptocurrency by market cap following a meteoric price surge that pushed its valuation far ahead of both Terra (LUNA) and Solana (SOL).
Read Also: Charles Hoskinson Says Cardano (ADA) Total Value Locked (TVL) will Keep Rising. Here’s Why
The leading PoS blockchain now stands at relatively $41 billion in terms of market capitalization and gathering momentum to equal XRP that is currently occupying 6th position in the market.
At the time of filing this report, Cardano (ADA) is trading at $1.21, with a 7.42% price upsurge in the last 24 hours. The increase was followed by both market and fundamental growth. It’s noteworthy that the blockchain project has recently managed to hit $300 million in Total Value Locked (TVL).
What Could Be the Reason Behind This Notable Performance?
The reason behind the magnificent increase in the value of Cardano can be attributed to the growth of the network from a fundamental viewpoint.
The increase in the price of Cardano (ADA) wouldn’t have been possible without a growing number of various decentralized solutions powered by the network.
We can only say this is just the beginning, considering Charles Hoskinson’s assertion regarding upcoming developments.
Read Also: Charles Hoskinson Discloses Three Major Focus of Cardano (ADA) in 2022
In reaction to Tim Harrison’s post about the steady increase of projects building on Cardano, Hoskinson said many projects will emerge after the implementation of Vasil hardfork in June 2022. This indicates that what is seen now is small compared to what is preparing to emerge.
Charles Hoskinson wrote, “Moving the chains. A large wave will come after June when the Vasil hardfork happens.”
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