The cryptocurrency market is in green again, all thanks to the bullish Bitcoin spot ETF run. However, among all the leading cryptocurrencies, Cardano has been leading the pack, spiking nearly 25% in the last two weeks.
Cardano’s robust price ascent is currently being attributed to its improved network activity, compelling ADA to break all its previous set records.
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Here’s why Cardano is Rising in the Charts This Month
Cardano is gaining its lost momentum back. The crypto is up a whopping 17.1% in the last week.
Its recent price ascension has largely been attributed to its stellar network progress. Per a recent report shared by analytics firm Messari, Cardano’s TVL has risen by 166% quarter-on-quarter and nearly 693% year-on-year.
The report further outlines how the DeFi ecosystem in Cardano has grown steadily. Highlighting the statistics, nearly 33 protocols have amassed $330 million in TVL.
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14th Largest Cryptocurrency by Market Cap in February 2024
Among other notable achievements, Cardano is being dubbed one of the most rapidly growing cryptocurrencies currently.
The notable TVL surge has further pushed its ranking up a notch. ADA is now positioned as the 14th leading crypto by market cap, leaving other cryptocurrencies to fall behind.
The Messari data further outlines ADA’s steady user traction and adaptability as primary markers, paving the way for its surging growth.
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“This surge in liquidity moved Cardano’s TVL ranking up from 34th to 11th over the year. This growth was observed across established protocols like Minswap, which exhibited leading transaction activity, and newer entrants like Indigo, which emerged as the largest protocol by TVL in Q4,” the report later adds.