- ADA is gaining despite the failure of some traditional cryptocurrency-friendly banks.
- The Cardano founder experimented with banks’ traditional reserve assets.
- DJED has seen a significant increase in trading volume over the past 24 hours.
the Cardano The ecosystem has been defying market-wide turmoil by continuing to build during the downtrend, and now, the network’s native cryptocurrency ADA is turning heads.
The notable upward trend in the price of ADA was recorded in the aftermath of the crisis surround failure Silicon Valley Bank (SVB) and Silvergate and Signature Bank. These traditional banks have earned a reputation for being among the most crypto-friendly financial institutions in the United States
However, Cardano employment With developments, events and partnerships. ADA hit a low point after dropping to $0.30 on March 10th, but has since recovered to satisfaction from the community.
Responding to the stablecoin crisis
In response to the failure to cancel cryptocurrency banking transactions, Cardano founder Charles Hoskinson has criticized how traditional banks handle their reserve assets compared to cryptocurrency firms.
In particular, the context of collateral management amid the ongoing crisis surrounding the failure of Silicon Valley Bank and Signature Bank, which coincided with the Bitcoin (BTC) price rally leading to Positive momentum in the crypto market.
Moreover, the network’s original decentralized stablecoin DJED witnessed a significant increase in trading volume over the past 24 hours, up by 43.64%, according to CoinMarketCap. DJED has thus gained a larger market premium than Tether (USDT) after the current stablecoin drama.
Amidst the alignment of the Cardano network into its next and final phase, “Era VoltaireSignificantly opposing ecosystem growth and developments.
Cardano Offers Flexibility?
The Cardano Network is known for its slow and steady methodology. Community member chris or has Flexibility commended to the Cardano community and was later retweeted by founder Charles Hoskinson.
The increase in positivity in the market sentiment on Cardano is evident in the 24-hour price chart of ADA. At the time of this writing, ADA is trading at $0.34, marking an increase of 12.44% over the past 24 hours.
Cardano 24 hour price chart. source: CoinMarketCap
Looking at a timeline beyond the current cryptocurrency landscape, ADA is up 9.99% from a three-month low of $0.24, but is still at around $0.24. 88.88% dive from its all-time high (ATH) of $3.09 on September 2, 2021.
The ADA’s recent coup has impacted an upward trajectory Market sentimentAnd, above all, its performance has earned Altcoin a place CoinMarketCap’s Directions list On March 13th.
on the flip side
- Although the Cardano ecosystem is constantly evolving, it is huge 78% of ADA holders remain “out of money,” according to IntoTheBlock.
- The global market value of its cryptocurrency increased 10.52% during the past 24 hours.
Why should you bother
Charles Hoskinson’s vision of complete decentralization of the Cardano network is gaining momentum because the traditional banking system has disappointed a portion of the American public.
Read more about the inner workings of Cardano:
What is Cardano and how does it work?
Read more about Cardano’s continued growth despite declines in ADA price: