Cardano rises 15%, outperforming majors in terms of gains

According to Messari, in the past 24 hours, the crypto market has rebounded, erasing daily and weekly losses, and adding 5.47% to the overall market valuation. Cardano (ADA) surged as much as 15%, leading the gains among the top cryptocurrencies.

Cardano jumps 15%, beating majors in gains

Over the past 24 hours, BNB is up 4.48%, SOL is up 11.41%, and XRP is up 3.64%. Bitcoin and Ether, the two most popular cryptocurrencies, gained nearly 6% and 7% respectively during the rally.

After the previous sell-off, traders may have viewed cryptocurrencies as oversold and overbought assets; For example, Bitcoin has regained $31,000 after nine weeks of losses. Whale accumulation, network growth, and optimistic expectations surrounding the impending Vasil Hard Fork could be the underlying factors for Cardano’s recent price move.

🐳📈 #Cardano got a small bounce the second half of Friday trading after large whale transaction counts began to appear on the $ADA network. An extreme example of the last time whales accumulated on a downswing, prices jumped +28% in the span of 18 hours. https://t.co/jLJbfC1BI7 pic.twitter.com/YPaYJfgmiD

— Santiment (@santimentfeed) June 3, 2022

Over the weekend, online chain analysis firm Santiment reported that large numbers of whale transactions have begun to appear on the ADA network. It cites an example of ADA gaining almost 28% the last time such a case was seen.

According to IOHK’s most recent weekly development update, preparations for the Vasil Hard Fork are in the final stages, with the team’s focus now shifting to tracking the weekly milestones that will drive the next steps.

According to IOHK, the plan this week is to launch the new Vasil developer test network and work closely with an expanded group of developers during final testing to ensure ecosystem partners state have enough time before implementing the main Cardano testnet.

IOHK also provides a chart with network growth information. Currently, 992 projects are being built on Cardano, up from 986 projects previously. A total of 89 projects were recently launched on Cardano, while the number of NFT projects has grown to 5,796. ADA also surpassed 5 million.

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