Cardano ADA stands out in the crypto market recovery prior to Memorial Day
It seems that the market is on the road to a smooth yet slow recovery and Cardano (ADA) is leading it before Memorial Day.
After publishing the news regarding approaching Cardano(ADA)’s launch of its smart contract, ADA started recovering which led to a rise in the price of BTC and some altcoins.
On Sunday, the market was green and the overall value of all the cryptocurrencies according to CoinGecko climbed 4.4% to $1.6 trillion. Amid this rally, some coins gained more. ADA was the one outperforming its contenders with a 17% rise in value and peaking at $1.70 before dropping and trading at $1.63. Cardano is now placed fourth in the rankings of the cryptocurrencies in terms of market cap and has a total market cap of $52.9 billion.
The surge and gains involved the top 20 cryptocurrencies among which was BTC with 3.5%, ETH with 4.3%, and BNB with 6% reaching $35,833, $2431, and $327, respectively.
Despite having a good day and being green for at least some of the top cryptocurrencies, the market seems not to be in great condition and market sentiment is still down this weekend while no one is sure if Bitcoin is down falling. Checking the Crypto Fear & Greed Index, we can say that traders are experiencing great fear as the index has fallen to 10 which is very low as the scale ranges from 0 to 100 where low scores are considered as “extreme fear”.
And it seems that the extreme fear that led to having oversold conditions after the market correction has served ADA so well on Sunday. The following day, the oversold indicator on the hourly RSI index was shortly penetrated by ADA and then ADA bounced back quickly within the next 24 hours.
ADA was seeing great days before May 19 when the crypto market collapsed. It was trading above $2.30 and even it peaked at $2.46 on May 16. Although it fell along with the whole market, its fundamentals remain untouched.
Speaking of fundamentals, Cardano development team Input Output Hong Kong or IOHK have launched its Alonzo smart contract testnet and ADA hodler are thrilled about this as any kind of improvement and new feature may lead to rising the value of ADA. IOHK was keeping an eye on the deployment of Alonzo’s testnet which took place in May and June. You may test Alonzo Blue, the first alpha testnetn next month if you are among the early adopters of this testnet. IOHK says:
“The ‘Alonzo’ hard fork will bring exciting and highly-anticipated new capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow for the implementation of smart contracts in Cardano, enabling the deployment of a wide range of new DeFi applications for the first time.”
In a YouTube video, Charles Hoskinson the cofounder of Cardano ADA stated that upon the completion of the Alonzo rollout, they will put their efforts into resolving the scalability issue.
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