Cryptocurrency News

Cardano leads recovery in weak crypto market before Memorial Day

Of cardano ada The cryptocurrency was back in the headlines again on Sunday after news that the developer network was getting closer to launching a smart contract led to a weak market recovery.

Market update

The combined value of all cryptocurrencies rose 4.4% to $ 1.6 trillion on Sunday, accordingly For data from Coingecko. Among the majors, Cardano’s ADA was leading the rally with a 17% gain. ADA reached $ 1.70, accordingly For the trading view, and was last seen hovering north of $ 1.63.

At current prices, Cardano was the fourth largest cryptocurrency, with a total market capitalization of $ 52.9 billion.

The ADA posted a strong rebound on Sunday after remaining sluggish for most of the previous week. Source: Trading View.

Each cryptocurrency in the top-20 recorded gains on Sunday. Bitcoin (B T c) Price rose 3.5% to $ 35,833, ether (ETH) Rose 4.3% to $ 2,431 and Binance Coin (Bnb) Climbed 6% to $ 327.

Despite a slight uptick, market sentiment has been on a downward trajectory this weekend, with investors continuing to speculate Has bitcoin really come down. Crypto Fear and Grid Index fallen Up to 10 on a 1–100 scale, where low scores are associated with “extreme fear”.

What is driving ADA?

The presence of oversold conditions following the latest market correction has worked in favor of the ADA on Sunday. The cryptocurrency entered the oversold indicator on the hourly Relative Strength Index on Saturday before rebounding rapidly over the next 24 hours.

before that 19 May Crypto Market Flash Crash, ADA was one of the top-performing digital assets. It peaked at $ 2.46 on May 16 and dropped 55% over the following week. Given the immediate change in market sentiment, the ADA’s fundamentals remain intact.

On a fundamental note, ADA supporters are celebrating the launch of Alonzo Smart Contract TestNet by Cardano’s development team Input Output Hong Kong, or IOHK. As Cointelegraph recently reported, IOHK was gradually eyeing the deployment Of Alonzo’s testnet in May and June. Early adopters will have the opportunity to test Alonzo Blue, the first Alpha testnet, next month.

IOHK. In form of Explained:

The ‘Alonzo’ hard fork will bring exciting and much-awaited new capabilities to Cardano through the integration of Plutus scripts on the blockchain. These will allow the implementation of smart contracts at Cardano, enabling the deployment of a wide range of new DEFI applications for the first time.

Cardano founder Charles Hawkinson Recently The signal In a YouTube video that after the Alonzo rollout is complete, attention will shift to solving the scalability problem.