With a market valuation of $28.68 billion, Cardano (ADA) has claimed the 9th position in cryptocurrency market capitalization, surpassing Avalanche (AVAX). Despite recent inflows into its ecosystem, the coin beat Avalanche’s $22.28 billion to attain the title of 9th largest coin.
As the value of Cardano’s ecosystem has skyrocketed, so too have funds flowing into it. From roughly $1.7 million in mid-January to a present-day total value locked (TVL) up at just under $315 million – or a 18420% increase.
The Cardano team has entered the third phase of its construction, a process known as Basho, the Cardano’s next era after Alonzo. Cardano plans to release Hydra, a collection of Layer 2 solutions, as part of this phase. In this stage, Basho will update Cardano’s security and scalability.
The first Hydra Heads have opened on the public Cardano testnet, and it is an exciting moment for this scaling journey. As a result, the protocol can be vital in ensuring that there are no problems along the way towards becoming a fully decentralized network.
Cardano Price Action And Ecosystem Inflows
The Cardano ecosystem is booming with new funds, attracting nearly $150 million in March alone. With the surge of total value locked at over $314.87 million from roughly $168.95 million, big things are expected for this crypto project.
Cardano’s TVL has increased by more than 80% in just two weeks. And It is currently worth $225.9 million without including staked governance assets. The increase was noted on February 28th through March 16th, when the number rose from $150 million to $314.87 million.
The Cardano Minswap has seen a surge in total value locked (TVL) over the last week, with 121% more locked up than before. Cardano Minswap became the most significant protocol by flipping the SundaeSwap. The majority of funds on this network now reside at its Minswap decentralized platform–with $115 million currently locked.
Even as Cardano (ADA) continues to progress, the price has failed to catch up. The coin has been on a downward journey after reaching its ATH at $3.10 in September 2021.
The Cardano price has fallen nearly 75% from its all-time high of $3.10 and currently trading at $0.85 per coin. However, $0.85 remains a vital resistance point. Because if investors can stay above that price level, they’ll see their investment rise towards testing another crucial milestone of $0.9.
Although, Cardano is still a long way from returning to its former price of $1. As investor sentiment remains negative and the current market favors sellers.