Cardano (ADA) Climbs Over 54% As It Hits New Milestone

• ADA price surged about 2% in a day.
• Cardano’s total value locked surpassed $170 million.

Since the beginning of 2023, Cardano (ADA) has nearly maintained a lead along with market leaders such as Ethereum (ETH) and Bitcoin (BTC). Cardano has now climbed by over 54% year to date, compared to gains of 59% for Ethereum and 65% for Bitcoin. 

When it starts outperforming the larger crypto market, will Cardano ever experience a breakout? Cardano founder Charles Hoskinson believes the event might happen soon. Also, recently he revised his prediction for ADA, and it was remarkably upbeat. 

Further, Cardano has achieved a few noteworthy feats over the past five months. For instance, transaction volume has surged by more than 205% since the beginning of the year. In just May alone, Cardano has done 2 million transactions. 

ADA Indicate Outstanding Performance

Cardano is making strides in new initiatives aimed at enhancing the efficiency, scalability, and security of the blockchain. Cardano’s total value locked has now surpassed $170 million, which represents a rise of almost 300% since January 1. The total value locked in is a metric of the total amount of cryptocurrency locked in Cardano’s smart contracts.

In addition, a staggering 313 billion ADA tokens have been moved in significant transactions, emphasizing the altcoin. Despite this flurry of large-scale transactions, the total volume of these transactions exceeded 70,000. However, these major market activities highlight Cardano’s outstanding performance. Cardano may soon be able to outperform industry titans. 

At the time of writing, ADA traded at $0.3776, which climbed about 2% in a day and 4% in a week. ADA has a 24-hour trading volume of over $168 million and a market cap of $13 billion.

The chart indicates that the Cardano current price is higher than the moving average (MA) in the 4 hours of difference. As a result, ADA might continue to set the bar for bullish price momentum.