Cardano’s native token ADA has experienced a surge on March 27 when investors transacted 204 billion tokens within 24 hours. This is coming after an extended period of stagnancy. While ADA’s trading activity has been slow this year, its network activity gained momentum this week, indicating a growing interest in the smart contract platform amid the recent market uptrend.
The sudden increase in trading activity may be attributed to investors positioning themselves for the next bullish trend. Despite facing adversity, such as the banking crisis and stock market corrections this month, the cryptocurrency market held steady, with Bitcoin reaching $28,000 and lifting leading altcoins along with it.
Following its spike, ADA rose from $0.30 to $0.38 and is now seeking to break its resistance level of $0.40. However, the positive market sentiment has been dampened by the CFTC lawsuit against Binance and CZ, leading to a brief dip.
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The Cardano (ADA) Network Is Experiencing an Upswing
In addition to the recent surge in transactions, the Cardano (ADA) network is also experiencing a significant uptick in new developments and projects. The blockchain has seen increased activity in 2023 and remains in expansion mode. Following the Vasil hard fork, Cardano is attracting new projects and developments.
The network has implemented faster, and lower-cost transactions for users, and its smart contracts have reached a high of 4,803 projects. Two stablecoins, Djed and Coti, are also set to be launched on the Cardano network and will be pegged to USD 1:1. For more in-depth information on these developments, you can read here.
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As of press time, ADA was trading at $0.35 and has decreased by 0.8% in the 24-hour day trade. Additionally, ADA is down 88.71% from its all-time high of $3.09, which it reached in September 2021.
