On Sunday, Bitcoin fell to $ 33,159, but after that it also recovered sharply by several thousand dollars. Most altcoins also gained small gains, with Cardano up 11%.
After another day of high volatility and bearish pressure, Bitcoin has recovered roughly $ 3,000 from its current 7-day low on Sunday. Altcoins, as usual, repeated the chart of their leader, and the market capitalization at some point lost about $ 200 billion.
Ethereum, for example, fell more than $ 300 per hour from $ 2,500 to under $ 2,200. However, ETH has also rebounded and is currently trading above $ 2,400.
Basically, every top 20 cryptocurrency reported small gains on Sunday.
However, Cardano (ADA) is the only obvious exception with significant price increases.
Thus, early indicators suggest that fears of a nasty sell-off in cryptocurrencies ahead of Memorial Day have been exaggerated.
A sharp rise in the price of Cardano
Cardano surged in price over the weekend amid renewed plans to roll out smart contract technology.
Cardano (ADA) briefly climbed above $ 1.70 on Sunday, and regained its fourth place in the capitalization rankings, displacing Binance (BNB). The past two weeks have been challenging for the ADA. The coin began a correction following most other cryptocurrencies.
The fall in the Bitcoin rate triggered a wave of sales across the entire spectrum of the market.
The total capitalization of all digital coins in circulation fell 53% from the May peak.
Prior to the cryptocurrency market crash on May 19, ADA was among the top performing digital assets. Overall, Cardano (ADA) has performed impressively in the market since the beginning of the year.
The ADA reached an all-time high of $ 2.47 and moved down to the current level of $ 1.65. The coin managed to recover from the May lows in the $ 1 area and solidified above the $ 1.60 mark. During the day, ADA rose in price by 20% and became one of the growth leaders among the top ten coins along with Uniswap.
The project previously announced its plan to deploy smart contracts as part of the Alonzo update. The process will take place in three stages: 30, 60 and 90 days. The first version of the testnet, Alonzo Blue, has already been deployed. According to the latest data, the series of tests will end sometime in September 2021.
The project is actively developing and attracting investment flows. Retail traders are also paying attention to cryptocurrency. Previously, the number of ADA wallets exceeded 1 million.
In the next update, the developers promise to add an ERC20 converter. This functionality will allow ADA to seriously compete with the Ethereum blockchain, which cannot cope with scaling problems.
What else is good
Cardano currently has over 2,500 active pools and ADA staking volume is approaching $ 34 billion. In addition, the project has donated over $ 500 million to ADA for charity.