Cardano has seen an impressive 30.63% surge in less than 19 days, riding on the back of pivotal factors.
Cardano (ADA) has been a top-performing asset recently, recording significant double-digit percentage gains. Illustratively, ADA has grown from a low of $0.4870 at the start of this month to a peak of $0.6360.
Interestingly, Cardano broke this $0.6360 within the last 24 hours. Emphatically, ADA has seen 30.63% gains over the last 19 days.
In stark contrast, XRP has experienced marginal movement, registering a mere 2% uptick over the last 30 days. The query arises: What factors have propelled Cardano forward while leaving others, such as XRP, relatively stagnant?
Was It Bitcoin?
Notably, Bitcoin’s recent breakthrough beyond the $50k threshold has played a pivotal role. With capital pouring into Bitcoin, more affordable assets like ADA become enticing prospects for retail investors.
However, one might expect such a trend to affect other leading cryptocurrency projects like XRP. One explanation for XRP’s relatively muted gains compared to ADA could be its recent reputation as an underperforming coin.
Additionally, Cardano benefits from a comparatively lower circulating supply. Consequently, any bullish sentiment is likely to exert a more immediate and pronounced impact on its price, attracting more market participants.
Cardano Projects Getting Sponsorships
Another significant factor contributing to Cardano’s momentum is the recent disclosure from Input Output, the Cardano development company.
They disclosed that a staggering 300 proposals received funding under Cardano’s Project Catalyst, the most extensive decentralized fund supporting community-driven projects within the Cardano ecosystem.
This recent funding initiative has propelled the total number of supported ideas to over 1600, marking a significant expansion in the Cardano ecosystem.
Project Catalyst's Fund11 results are here.
🥁 🥁 🥁
A whopping 300 proposals have been funded, pushing the total number of supported ideas to new heights (🎉1600+). Kudos to the brilliant minds behind these projects! Let's continue the journey of #BuildingOnCardano together.… pic.twitter.com/LKhgA3geeN
— Input Output (@InputOutputHK) February 15, 2024
Such initiatives potentially bolster confidence in Cardano’s prospects and attract diverse contributors and stakeholders to the ecosystem.
Besides, Input Output delivered a heartfelt message expressing deep appreciation for the brilliant minds driving forward the various projects funded under Cardano’s Project Catalyst.
They encourage these innovators to persevere in their journey of BuildingOnCardano together.
Positive On-chain Metric for Cardano
Moreover, the renowned intelligence platform Messari has recently unveiled noteworthy metrics showcasing Cardano’s outstanding performance.
Specifically, Cardano exceeded the broader market, achieving a remarkable 127% gain in late 2023 and explosive total value-locked (TVL) growth of 645%.
Ultimately, these recent revelations have likely instilled greater confidence among crypto market participants in ADA, influencing its recent price movements.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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