Cardano Among Top Three Gainers; rallies +14%. Why?

Paigambar Mohan Raj
Source: Life Positive

With the Vasil hard fork on the horizon, the Cardano (ADA) price skyrocketed on Monday, June 6. It is the only top 10 crypto project to register double-digit gains. The project was the top three most profitable assets in the last 24 hours. At press time ADA was trading at $0.637192, a massive 14.1% bump in 24 hours, and up by 32.2% in the 7-day charts.

ADA Whale, a pro-Cardano Twitter handle told his 102K followers that people had said ADA would suffer greatly in the first half of 2022, but ADA Whale begged to differ and believed that ADA would be releasing a large number of DApps in H1 of 2022, which would push the project further ahead.

According to Santiment, a popular crypto analytics firm, Cardano (ADA) had a slight boost in the second half of Friday, 3rd June, when high whale transaction counts began to show on the $ADA network.

As per the data on, the transaction count on the 2nd of June stood around the 84,000 mark, but over the weekend this metric has surged over the 100,000 mark.

Additionally, Cardano’s correlation to Bitcoin (BTC) currently stands at 0.47, which does not indicate a strong correlation at the moment.

Source: Cryptowatch

However, BTC has always been a market mover and a dip in BTC prices could lead to a fall in ADA prices as well. The original cryptocurrency, Bitcoin, has also seen some positive movement as this week opens, with a 6.1% gain in the 24-hour chart, and a 6.8% gain in the 7-day chart.

Cardano’s growth has been long-awaited. The popular crypto project saw delay after delay regarding the launch of applications on its network. However, things are turning around for ADA as new DApps have lined up for launch in the past few months. A multitude of forthcoming releases this summer, including the Vasil Hard Fork, DJED stablecoin release, and a slew of CIPs that will make network transactions cheaper and quicker, might be the key driver of current ADA growth.

However, ADA is still 79.5% down from its all-time high of $3.09, which it attained in September of 2021, almost 9 months ago.