Overtaking Bitcoin SV was not enough, Cardano is on the rise again as it increased its value above six percent. It has now become a top gainer.
Recently, the cryptocurrency Cardano (ADA) overtook Bitcoin SV and became the 11th largest digital coin. The supporters are still basking in the glory and once again, the coin has experienced the bullish trend. Right now, Cardano is now amongst the ruling 15 while other big shots are moving sideways. Well after an increase of 6 percent, it is no surprise that the cryptocurrency has gained a high position.
Cardano (ADA) price surge was not undeserved. The foundation recently found its way into the International Association for Trusted Blockchain Application (INATBA). From the movement in price to the upside, we can see that joining the association was a big win. The Cardano foundation confirmed the acceptance through a press release. The aim of the INATBA is to ensure that countries in Europe adopt the blockchain tech and cryptocurrency.
The Association has important key players that work together to see the furtherance of its agenda. They have many SMEs, Regulators, civil-standard setting organizations and policymakers. Being a member of INATBA, Cardano can build dialogue easily with authorities. The foundation can sit and address the many regulations guiding blockchain & decentralized currency thereby pushing adoption.
The acceptance of the cryptocurrency into the association was a huge win for the community but other things happened. While the positive impact was still on Cardano, the founder took another bold step to further upgrade the foundation.
Charles Hoskinson who is behind the wheel of the foundation tweeted on the 14th March showcasing their Ledger hardware wallet. The Cardano (ADA) wallet with the foundation’s logo was a big hit on Tweeter. It was another encouraging development for the community. We also recall that in early February, we got the news about the Cardano ecosystem Ledger Wallet integration. These developments were the contributing factors to the recent price surge in the community.
The rise in the price of ADA did not happen overnight because the whole upward movement started on March 9. On that day, ADA rose from $0.042 to $0.048 in 3 days showing a 14.28% increase from the original price. After a brief drop to $0.046, two days later, it rose with 7.8% which pushed it under the $0.05 mark. We can recall that the coin rose above this mark as February was ending. At the time of the press, the digital coin has increased by 5.82%.
As of last week, the valuation increases of Cardano (ADA) was over $200 million. On the 9 of March, the market cap of ADA was at $1.102 billion. From that level, it rose suddenly to $1.28 billion showing a 16.87 percent increase. However, we have noticed that there is a slight movement downside in the cap. It is now at $1.27 billion.
The good news still remains that the coin is experiencing an increase in value in recent times.
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