- On Monday, the crypto market rebounded strongly as major cryptocurrencies such as Bitcoin and Ethereum rose significantly after recent losses.
With this; Several altcoins were among the best performers of the day as risk appetite expanded beyond the biggest tokens
Elrond Netwrork‘s native token EGLDwas the best-performing cryptocurrency among the top 50 cryptocurrencies, rising by over 20 percent to as high as $85.20. Following EGLD’s big rally Cardano (ADA) and DeFi token AAVE It also posted strong double-digit gains.
The strong recovery came after the crypto market recorded nine weeks of losses in its worst run ever. Experts noted that rising inflation and concerns about interest rates are a major driving force behind this sentiment.
EGLD leads crypto recovery
Elrond NetworkThe native token has posted strong gains after the blockchain recently launched a cross-chain portal with Ethereum.
Ad Astra Portalwill allow more crypto assets to be transferred between ETH and Elrond, with the blockchain planning to support more Ethereum Virtual Machine chains in the coming days.
As a result, ELGD, like most major cryptocurrencies, was spared a sharp two-month panic sell-off. The token hit its lowest level since June 2021, wiping out most of its gains through 2021 last week.
ELGD also fell more than 85 percent from the record high it reached last year.
AAVE and ADA also posted strong gains
DeFi cryptocurrency AAVE It also rose above $110, with a notable increase of over 17% in the last 24 hours, making it the second best-performing cryptocurrency in the last 24 hours.
Popular cryptocurrency native platform aaveIt capitalized on speculation that ‘s could take a larger share of the DeFi market after Terra’s collapse. Terra’s Anchor Protocolhad dethroned Aave as the largest DeFi project in terms of total value locked in the past.
Despite the collapse in the broader crypto market, this sentiment has helped token trading to turn positive over the past seven days.
Smart contract platform Cardano’s crypto asset ADA, whose number of NFTs printed on the blockchain exceeds 5 million tokens, is trading at $0.53 with an increase of over 13 percent in the last 24 hours after this development. The token also started a strong recovery, taking action from a 16-month low last week.
Crypto whale says ADA will be new Bitcoin on limitation
Himself ISLAND Cardano continues to exist as one of the few digital crypto assets to come close to Bitcoin in terms of dispersion and inflation, according to a Cardano community-focused Twitter account that describes itself as a “whale” whale.
BTC the “ADA whale”, which believes that ADA may become a very scarce asset at some point in the future because it may follow a similar path; He believes that the dynamics of Bitcoin are on the right track because of its fair distribution, price stability and stable supply long enough for many to buy.
“Cardano is one of the few coins that comes close to the distribution and inflation of Bitcoin. No VC, relatively even distribution and predictable inflation. Until the coin starts to decline rapidly, people can currently buy it at an affordable price. No ponzinomics, just backloaded disinflationary monetary policy”
2/ Cardano is one of few coins that approaches Bitcoin’s distribution and inflation
No VCs, relatively equal distribution and predictable inflation. Today, people can buy in cheaply until it reduces fast
No ponzinomics, but good old backloaded disinflationary monetary policy pic.twitter.com/ATzymkcbgq
— ADA whale (@cardano_whale) May 28, 2022
According to the latest weekly report from IOHK, the parent company of the Cardano platform, the closed Vasil The testnet was launched to evaluate its functionality with a specific set of dApps and users. In addition, the Cardano team will be held in June. Vasil Hard Fork Combinator (HFC) stated that it continues to work on consensus-specific upgrades in preparation for the event.
IOHK also recently published a chart with network expansion data in a post. The number of 943 projects built on Cardano has increased to 986 projects, while a total of 88 projects have been launched recently, while the number of NFT projects has increased to 5,727. During the week, Github connections totaled 3,028, while native tokens on Cardano reached 4.9 million.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.