The nickname of “Ghost Chain” was assigned to Cardano in 2021, a period when there was very little activity there. Three years later, things have changed: Cardano is gradually claiming the status of flagship blockchain. THE recent ADA performance were of great help to him.
ADA propels Cardano into the spotlight
In June, some analysts predicted the end of ADA. There death cross that they spotted on the trends of the time led them to believe in a long-term decline for Cardano native crypto.
Against all expectations, the ADA performed well in terms of statistics.
First, let’s mention the fact that this cryptocurrency recorded a increase in market capitalization yesterday July 14. Finblod clarified that she had passed from $10.11 billion to $12.21 billion in just 24 hours.
In other words, the market capitalization of ADA has seen an addition of $2.1 billionan increase of 20%.
Next, let’s talk about the Cardano token price. While the French celebrated their 143e year of independence, the ADA community celebrated against the backdrop of a substantial rise in their favorite crypto.
Here is some data, taken from CoinMarketCap, justifying their joy:
- 20.72% increase on a 24-hour scale, to trade at $0.36 each ;
- increase of 23.52% over the last 7 days;
- 26.59% more over 1 month.
At press time, ADA was trading at $0.33.
About the number of long-term crypto wallets ADA-heeled, they grew by 180,000 in just two months. Yesterday, there were 2.48 million wallets, if they were at 2.3 million on May 14th.
XRP and the domino effect
In the eyes of the SEC, ADA is also one of the “unregistered securities” for which it has provided legal action.
An opinion that the legal expert Bill Morgan did not share. By making a analogy on the development of the smartphone market in June, he argued that producers disseminate information about their products to show off related improvements. This is how smartphones become competitive.
Cardano, which allegedly did so was in quest for competitiveness with the ADA. But the SEC simply wanted to turn a blind eye to efforts to add functionality to the shadow blockchain.
However, this thesis of Bill Morgan has been confirmed by Judge Torres who has just ruled that XRP is not a security.
From where this deduction from a prominent cryptocurrency analyst: if XRP is not a security, neither are ETH, ADA, MATIC and others “.
Crypto analyst Dan Gambardello already predicted in early July that the ADA will soon experience a bright future. Internal efforts to make the blockchain even more efficient are not left out either.
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