Cardano steps up its game as ADA bulls attempt a move to $0.6

• ADA was up by over 7% in the last week, but bearish sentiment remained dominant.
• Cardano’s latest report highlighted the work done by different teams during the last week.

Cardano [ADA] investors were rejoicing last week as the token managed to earn them promising profits. While the token’s price gained bullish momentum, things on the development front also remained interesting as ADA developers pushed their efforts. 

ADA is back on track!

According to CoinMarketCap, ADA showed remarkable performance last week as its value surged by more than 7.6%.

In the last 24 hours, the token went up by 2%. At the time of writing, ADA was trading at $0.5168 with a market capitalization of over $18.3 billion. Its price hike was accompanied by an 18% rise in volume, which legitimized the uptrend.

AMBCrypto’s look at Coinglass’ data revealed that Cardano’s open interest also increased of late. This suggested that the possibility of ADA’s price surging further was high.

Source: Coinglass

Thanks to the price uptick, Cardano became a topic of discussion in the crypto space as its social dominance surged last week.

However, it was surprising to note that despite the rise in value, negative sentiment around the token was dominant in the market, which was evident from its low-weighted sentiment graph.

Source: Santiment

Cardano’s development is also on par

Apart from metrics and price action, things on the development front also looked promising. AMBCrypto’s analysis revealed that ADA’s development activity increased considerably over the last seven days.

Its development activity contributor count also spiked quite a few times during the same period.

Source: Santiment

Cardano recently published the latest edition of its weekly development report, shedding light on the reasons behind the rise in development activity.

Last week, the Hydra team conducted yearly roadmapping sessions and introduced a breaking API change in order to bring several new features.

Every Friday, we publish our weekly #Cardano development update.

So for the lowdown on what IOG’s dev team has been working on last week, head on over and take a look👇https://t.co/J16ckEkVRX

— Input Output (@InputOutputHK) February 2, 2024

The Mithril team continued implementing a new data type for certifying Cardano transactions within Mithril networks. They also completed the enhanced node communications between Mithril and Cardano for retrieving UTXOs.

Meanwhile, the Voltaire and Sanchonet teams developed an important Conway feature that enables stake pool operators to vote on select security-relevant protocol parameter updates.

Is your portfolio green? Check the Cardano Profit Calculator     

Apart from this, the weekly report also mentioned the Cardano blockchain’s updated statistics. To date, the blockchain has completed 83.2 million transactions and has 9.52 million native tokens.

Additionally, there have been more than 157 projects launched on the blockchain, while over 1,300 are being built on ADA.

Source: Essentialcardano