The crypto market is riding high, thanks to Bitcoin’s (BTC) recent price surge above $82k, marking a new milestone. In this thriving market, Cardano (ADA), a leading layer-one blockchain, has emerged as one of the top performers.
After a massive 79% rally last week, ADA has bounced back from a support level above 32 cents, positioning it for a potential major bull run—especially if Bitcoin dominance continues to weaken.
Cardano’s performance is gaining attention. Here’s what you should know.
ADA Set for a Price Surge?
Cardano with a fully diluted market cap of about $26.6 billion and over $5 billion in daily trading volume, has shown solid price action. ADA has recently closed above the weekly 50 Moving Average (MA), signaling strength. Furthermore, the ADA/BTC pair has seen a notable rebound from its multi-year lows, which suggests ADA could be on the verge of a significant price surge.
Cardano’s Growth as a Web3 Ecosystem
Under the leadership of co-founder Charles Hoskinson, Cardano has evolved into a significant force in the Web3 space. The network now boasts more than $353 million in total value locked (TVL), a strong indicator of the growing DeFi ecosystem on Cardano. This expansion is largely due to efforts to make the network more decentralized, including the introduction of on-chain governance.
A key step in this process was the recent launch of Node 10.1.1, which sets the stage for the Chang 2 hard fork. This update will enable Cardano to fully implement on-chain governance.
No More “Zombie Mode”
As reported by Coinpedia, Cardano has emerged from a period of stagnation, often called “zombie mode,” especially after Charles Hoskinson’s announcement that he would join Donald Trump’s crypto advisory team.
This collaboration aims to help bring regulatory clarity to the crypto market, which could boost Cardano’s influence even further.
Joining Hands for European Crypto Regulations
In a major development today, the Cardano Foundation revealed a partnership with Lawside and STADLER VÖLKEL to develop a whitepaper template for the European Union’s Markets in Crypto-Assets (MiCA) regulation. This partnership is crucial because MiCA requires every DeFi project targeting the European market to publish a whitepaper.
This document must disclose important information such as the crypto asset’s purpose, underlying technology, risks, functionality, and the issuer’s details.
With every passing day, Cardano is inching closer to its full potential, and the future looks brighter than ever.
Source: https://coinpedia.org/news/cardano-news-today-ada-soars-as-network-embraces-mica-compliance-with-new-whitepaper/