Cardano’s (ADA) price performance was among the best among the top 20 cryptocurrencies on the market.
With an increase of 34% over the past 7 days, reaching its peak at $0.68.
Since the beginning of this December, cryptocurrency has achieved a strong increase of more than 80%.
This is what led analysts to expect the upward momentum to continue. Especially with the huge spike in activity on the Cardano blockchain network.
Whether in terms of the number of new projects shown on the network or in terms of the volume of funds in circulation.
As stated in the latest weekly report from the Cardano team. Which talked about how developers are working on updates, showing an increase in project development on the ecosystem and tokens statistics metrics.
Some of them issued very optimistic predictions that the price of Cardano ADA would reach the $10 level. But the most realistic expectations talk about the $1 level in the near and medium term.
Analysts argue that the Cardano ecosystem was a latecomer to the smart contract race in the recent bull market. But that is changing.
The latest weekly report on the Cardano blockchain network shows that there has been significant progress in terms of developing and launching smart contracts on the network.
The report covers how Cardano developers worked hard to improve the structure and activity of the blockchain network.
The report reveals that 152 projects have been launched and 1,307 projects are under development, which reflects the significant growth.
With 9.1 million native tokens circulating within the ecosystem, and over 79.7 million transactions.
High volume of total value of locked funds (TVL) in the Cardano system
The total value locked (TVL) in the Cardano network’s decentralized financial system has been growing rapidly over the past few weeks.
With the great movement witnessed recently in the cryptocurrency markets. Investors are moving towards looking for alternatives to the Ethereum network in other networks like Solana, Avalanche, and of course Cardano.
The Cardano network has become home to a huge ecosystem of DeFi, RealFi, and non-fungible tokens (NFT) with multiple uses. Which in turn led to a high demand for Cardano (ADA).
Data from DeFiLlama indicates that the total locked value of Cardano TVL reached a peak of $444 million on Thursday. surpassing a previous peak of $330 million in April.
Most of the growth appears to have occurred over the past week, as lending protocol Indigo and digital exchange Minswap saw TVL increase by more than 50% to around $100 million each.
The stablecoin DJED, a currency pegged to the US dollar, has seen supply increase by more than 45% over the past week.
With an influx of capital from investors seeking to make profits from the returns it offers.
At the same time, the value locked on smaller protocols such as LendFi and Spectrum Finance has risen by 90%. This suggests that users are starting to take riskier bets.
This on-chain growth has helped boost the price of Cardano (ADA), which is used to pay for on-chain activity.
ADA’s price has risen about 23% in the past two days, helping extend monthly gains to nearly 80%, according to data from CoinMarketCap.
Growth can also be observed in the financial derivatives market. We saw a 100% spike in open futures volume betting on ADA price fluctuations in the same period.
