Although the cryptocurrency market started to decline again in the morning hours, it initiated a strong rise during the week, led by the value increases in XRP due to the historic decision in the Ripple case. Cardano (ADA), Polygon (MATIC), and Solana (SOL) were among the cryptocurrencies that recorded significant value increases during this period. On the other hand, according to the weekly report of Input Output Global, the developer company of Cardano, in addition to the price increase, significant rises were recorded in critical metrics in Cardano.
Cardano (ADA), Will the Rises Continue?
Although the cryptocurrency market started to decline again in the morning hours, it experienced a strong rise during the week due to the historic decision in the Ripple case. XRP, which approached the $0.9 price levels for a short period during the week, largely led the rise in the cryptocurrency market. Along with the rise in XRP, Cardano (ADA), Polygon (MATIC), and Solana (SOL) also recorded significant value increases shortly after the court decision was announced.
According to the latest data from CoinMarketCap, Cardano (ADA) recorded an average value increase of 15% in the last week and started trading at $0.33 price levels.
Critical Metrics on the Rise
In addition to the price increase, Cardano (ADA) also witnessed significant increases in critical metrics. According to the weekly report published by Input Output Global, the total transaction volume in Cardano reached 71.2 million, and the number of local tokens exceeded 8.55 million. According to the shared graph in the report, while 134 projects were launched on the Cardano network, more than 1200 projects are in the development phase.
Additionally, there was a significant increase in the Total Value Locked (TVL) in the Cardano network. According to DefiLlama data, Cardano’s TVL has shown an increase of over 40% in the last month. However, despite the recent increases, Cardano’s current TVL amount is still quite low compared to blockchains like Ethereum, Tron, and Binance Smart Chain.
