Cardano (ADA) Back in Top Five Crypto-List amid 10% Upswing

Cardano’s ADA stepped up during the weekend after sideways movements. The altcoin surged over $10% on 16 January. That way, ADA reclaimed its spot in the top-5 cryptocurrency list.

While publishing this analysis, ADA traded a 9.10% high around $1.47, while its market capitalization stood at $49.2 billion. The latest price increase in the alt comes amid massive transaction volumes as enthusiasts await Sundae Swap. Messari data shows ADA blockchain recorded the 2nd-highest network activity outperforming Ethereum.

Cardano appears to ride on massive developments. For instance, the platform saw 70 smart contracts launching in its blockchain within the past month (13 December to 13 January).

After a somewhat impressive start after the 2021 September Alonzo upgrade, smart contracts launch on Cardano network slowed down, resulting in negative perception. Charles Hoskinson, Cardano’s founder, said the delays had them rewriting the software thrice, with massive adjustments in vendor and architecture.

Hoskinson added that delays are part of Cardano’s game. For now, Cardano awaits its major upgrade, the Sundae Swap launch, on 20 January. Experts believe the update will see the ADA network attracting increased users.

About Cardano’s Sundae Swap

As highlighted, Cardano blockchain will have the Sundae Swap launch later this week. Meanwhile, SUNDAE yield-farming will begin soon after the upgrade.

The official announcement declared the availability of the yield farming for SundaeSwap DEX’s first six months. Meanwhile, LP tokens for yield farming contracts may earn more SUNDAE rewards. The latest rally might mean sustained gains for Cardano in 2022.

While publishing this content, Cardano’s ADA traded at $1.52, ranking 5th in the crypto-list by market value. Moreover, the altcoin exhibits a bullish bias, anticipating further gains in the coming trading session.

Meanwhile, the overall crypto spectrum flashes downswings after the latest rally. Bitcoin dropped to $42,781 after reclaiming the $43,000 mark. The global crypto market capitalization is $2.05 trillion, a 1.09% 24-hour loss.

Nevertheless, crypto experts maintain a bullish stance on the cryptocurrency space in 2022. Moreover, many assets in the crypto space await developments that would trigger upside price movements. It may be interesting to watch the upcoming actions in the crypto world. Stay around.

 

By Edward Richardson
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