Cardano (ADA) Leads Major Cryptos Relief Rally, Up 25% Overnight

Amid a crypto market generally showing signs of recovery following last month’s meltdown, the token underpinning the Cardano blockchain is up 25 percent in the space of a day.

Cardano Outranks Ripple

Cardano (ADA) is now the sixth-ranked cryptocurrency with a market capitalisation of US$22.6 billion, overtaking Ripple’s XRP and trading at $0.67 at time of writing, as per data from CoinMarketCap.

Despite this bullish performance, attributed to increased DeFi activity on the layer-1 blockchain and the launch of Lagon’s cross-chain bridge to facilitate token transfers between Ethereum and Cardano, ADA is still 78 percent below its all-time high of US$3.10, recorded in September last year.

Trading Volume Pumps 272%

Across major crypto exchanges, ADA’s trading volume averaged US$2.4 billion over 24 hours, representing a 272 percent increase on the previous day.

According to Defi Llama, the Total Value Locked (TVL) on Cardano rose by 30.56 percent over the same period and is currently at US$194.87 million, up from $149.25 million:

Since the beginning of the year, Cardano has seen a 50-fold spike in large transaction volume (LTV), representing a significant increase in institutional demand.

BTC, ETH Also Up

As a further reflection of an overall crypto market recovery, Bitcoin was up 2.95 percent over the same 24-hour period, trading at around US$31,478 at time of writing, while Ethereum was up 3.26 percent and fetching US$1,933.