Bull sentiment is growing rapidly around Cardano (ADA) as TVL surges 160% in 90 days.
Cryptocurrency analysts have noted increasing optimism about Ethereum’s rival blockchain network, Cardano.
Cardano is a popular proof-of-stake (PoS) cryptocurrency network known for its high stability and fast transaction confirmation speed. However, although Cardano is known as a rival to the Ethereum blockchain, it differs from the basic principles of Ethereum. Ethereum is a public blockchain network, while Cardano is commercial.
According to data provided by cryptocurrency analytics platform Messari, the total value locked (TVL) on the Cardano blockchain network has surged nearly 160% compared to the 2023 quarter, moving its ranking from 34th to 11th.
According to Messari’s report on Cardano, the network’s core infrastructure, such as Sonor, Hydra, and Milkomeda, has been instrumental in delivering significant growth in the Cardano blockchain ecosystem.
Cardano founder Charles Hoskinson said he was pleased with these numbers and that they showed the adoption and uptake of the Cardano network.
Hoskinson also noted a 37% year-over-year surge in Cardano stablecoin usage and a 127% quarterly increase in the trading price of Cardano’s native token ADA.
The Cardano founder also drew attention to Cardano’s financial balance, which currently holds 1.43 billion Ada (equivalent to $6.861 million). These funds can be used for Cardano’s growth. He called it a “sovereign wealth fund for the Cardano blockchain ecosystem.”
Moreover, he said that if Cardano’s growth rate continues similarly, Cardano will become the world’s leading cryptocurrency project in the next 3-10 years.
Ada price action
The current trading price of ADA Coin is $0.6 and it is 5% higher in the last 24 hours.
Over the past six months, the trading price of this cryptocurrency token has skyrocketed and has barely adjusted compared to other cryptocurrency assets. This shows strong buy support for this coin.
Also read: Analysts expect Bitcoin (BTC)’s next resistance level to be $55,400, but a correction is possible before then.