Cardano’s native token ADA broke its stagnancy on Monday, March 27 after 204 billion tokens were transacted by investors in 24 hours. ADA’s trading activity has remained stagnant this year but its network activity picked up steam this week. The sudden spike in transactions highlighted the growing interest in the smart contract platform during the recent market uptrend.
The increase in trading activity could be tied to investors taking an entry position for the next bullish leg. The cryptocurrency markets stood strong amid the banking crisis while the stock markets faced corrections this month. Bitcoin touched $28,000 despite the adversity and pulled leading altcoins up along with it.
ADA went from $0.30 to $0.38 and is now looking to breach its resistance level of $0.40. However, the CFTC lawsuit against Binance and CZ has dampened the positive sentiment in the markets leading to a brief fall. Read here to know more details about the CFTC lawsuit pinned against Binance.
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Cardano (ADA) Network On The Rise
While the recent transactions rose in ADA, Cardano’s network is also experiencing a significant uptick with new developments and projects. The blockchain saw an increase in activity in 2023 as the network steadily remained in an expansion mode. Cardano is attracting new projects and developments after the Vasil hard fork.
The network initiated faster and lower-cost transactions to users and its smart contracts reached a high of 4,803 projects. Two stablecoins Djed and Coti would also be launched on the Cardano network and be pegged to the USD 1:1. You can read more details about the developments here for a better and more in-depth understanding.
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At press time, ADA was trading at $0.35 and is down 0.8% in the 24-hour day trade. ADA is also down 88.71% from its all-time high of $3.09, which it reached in September 2021.