The rise in the cryptocurrency market since the beginning of 2023 Bitcoin (BTC) and allowed altcoins to record significant increases.
The beneficiaries of this rise altcoinOne of them was Cardano (ADA). ADA has experienced an increase of approximately 80% since the beginning of 2023.
Evaluating Cardano’s performance Messari analysts pointed out that Cardano recorded tremendous growth in the first quarter of 2023.
in the report cardano It is stated that the total value locked in its network has tripled in the first quarter of 2023.
Messari analysts cited Cardano’s growth due to increased dApp transactions, new stablecoin launches, scalability innovations and Ethereum (ETH) He connected the project, which provides virtual machine (EVM) compatibility, to the launch of the Cardano network.
“ADA’s market capitalization increased 54% QoQ from $8.6 billion to $13.2 billion. This increase moved ADA from ninth to seventh place by market capitalization.
TVL also rose 172% QoQ from $50.8 million to $138.3 million.
The Indigo (IUSD) and died (DJED) stablecoin projects were the largest attracting assets on the ADA network.”
Cardano, which rose to $ 0.46 last week, reaching the highest level of the last six months, fell to $ 0.40 with the sharp decline experienced today.
*Not investment advice.
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