- ADA is gaining despite the failure of certain crypto-friendly traditional banks.
- Cardano’s founder has taken a jab at traditional banks’ reserve assets handling.
- DJED has seen a notable increase in trading volume over the past 24 hours.
The Cardano ecosystem has been defying market-wide turmoil by continuing to build during the bearish downtrend, and now, the network’s native cryptocurrency, ADA, is turning heads.
The notable uptrend in the price of ADA is recorded in the wake of the crisis surrounding the failure of Silicon Valley Bank (SVB), Silvergate, and Signature Bank. These traditional banks have gained a reputation for being among the most crypto-friendly financial institutions in the U.S.
Nevertheless, Cardano is powering on with developments, events, and partnerships. ADA did touch a low point after dipping to $0.30 on March 10th but has since made a recovery to the relief of the community.
Responding to the Stablecoin Crisis
In response to the crypto de-banking fiasco, Cardano founder Charles Hoskinson has taken a jab at how traditional banks handle their reserve assets compared to crypto companies.
In particular, the context of collateral management amidst the ongoing crisis surrounding the failure of Silicon Valley Bank and the Signature Bank coincided with a rise in Bitcoin (BTC) price leading to positive momentum in the crypto market.
Furthermore, the network’s native decentralized stablecoin DJED has seen a notable increase in trading volume over the past 24 hours, surging 43.64%, according to CoinMarketCap. DJED has thus gained a bigger premium to the market than Tether (USDT) following the current stablecoin drama.
Amidst the Cardano network’s alignment into its next and final phase, “The Age of Voltaire,” the ecosystem exhibits notable growth and developments.
Cardano Displaying Resilience?
The Cardano network is famed for its slow-and-steady methodology. Community member Chris O has commended the resilience of the Cardano community and was later retweeted by founder Charles Hoskinson.
The uptick of positivity in Cardano’s market sentiment is evident in the 24-hour price chart for ADA. At the time of writing, ADA is trading at $0.34, recording a 12.44% increase over the past 24 hours.
24-Hour Price Chart for Cardano. Source: CoinMarketCap
Considering a timeline beyond the current cryptocurrency landscape, ADA is up 9.99% from its three-month low of $0.24 but remains at an 88.88% dive from its All Time High (ATH) of $3.09 on September 2nd, 2021.
ADA’s recent flip into an upward trajectory has influenced market sentiment. To top it off, its performance has resulted in the Altcoin earning a spot on CoinMarketCap’s trending list on March 13th.
On the Flipside
- Despite the constant evolution of the Cardano ecosystem, a whopping 78% of ADA holders remain “Out of the Money,” according to IntoTheBlock.
- The global cryptocurrency market capitalization has increased by 10.52% over the past 24 hours.
Why You Should Care
Charles Hoskinson’s vision of the complete decentralization of the Cardano network is gaining momentum as the traditional banking system has disillusioned some of the U.S. public.
Read more about the inner workings of Cardano:
What Is Cardano, and How Does It Work?
Read more about Cardano’s continued growth despite dips in the price of ADA:
Cardano Community Builds as ADA Plunges 20%