The Cardano (ADA) price has rallied by over 20% today bringing relief to traders and investors after weeks of crypto market clash gloom. ADA has surpassed XRP after its transaction volume jumped 3 times those of Ethereum to become the 6th largest crypto by market cap.
At the time of writing, ADA was trading $0.6347, up 21.41% after retracing from a daily high of $0.6823.
ADA price surge has been influenced by the following factors: ADA Price Rebounding from the bottom levels, GitHub development activity Lagon’s Cardono-Ethereum bridge launch for USDC, and Vasil Hard Fork launch.
ADA Price Rebounding from the bottom levels
ADA price rebound from a bottom level of $0.45 to a high of $0.68 brought whales and investors to purchase the dip. Additionally, the total value locked (TVL) and the number of transactions also increased pushing the price rally.
GitHub development activity
As the prices continued the dip, the Cardano team continued working on several innovative projects. GitHub development activity hit an all-time high causing the price to rally after a loss was witnessed on the Cardano network in the past weeks.
Yesterday Santiment tweeted:
“Cardano is one of many altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours. Development activity has hit All-Time High levels, as ADA‘s team worked on innovating while prices were suppressed.”
📈 #Cardano is one of many #altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours. Development activity has hit #AllTimeHigh levels, as $ADA‘s team worked on innovating while prices were suppressed. 🧑💻https://t.co/kSqbhUZOe8 pic.twitter.com/XiFVl0NK2M
— Santiment (@santimentfeed) May 30, 2022
Lagon’s Cardono-Ethereum bridge launch for USDC
Another reason for the rally is the launch of lagon’s Cardano-Ethereum bridge that will enable the second-largest stablecoin (USDC) to be moved from the Ethereum blockchain to the Cardano blockchain. This is a great interoperability milestone for Cardano as the team also aims at introducing other tokens.
Vasil Hard Fork launch
As Cardano continues to make progressive moves and attract more users to its network, the Cardano community is eagerly waiting for the launch of Vasil Hard Fork, an upgrade to the Cardano network, at the end of June.
Charles Hoskinson, the founder of Cardano blockchain, said that once the hard fork is implemented, more developers will shift to the Cardano blockchain and this will cause the price of ADA to rally.
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