Delma Wilson
This week, Cardano (ADA) has been one of the best-performing cryptocurrency. Well, thanks to the excitement surrounding the forthcoming Vasil Hard Fork.
The Cardano price now trading at $0.562, up 24% in the last seven days. This week, it outperformed the top 50 cryptocurrencies by a wide margin.
There are many reasons for this week’s ADA price climb by a number of reasons. Among them, Cardano blockchain’s new Ethereum bridge is a prominent one. This allows its users to shift from the stablecoin USDC to Cardano.
ADA was also purchased by traders as it moved towards one-month lows of $0.46, indicating a beneficial value.
Cardano Price Increase With Whale Transactions
According to Santiment, a blockchain analytics firm, the ADA’s recent climb is mainly due to the surge in whale purchasing. On Friday, there was a surge in whale activity, with roughly 160 whale wallets transferring on the chain in just a few hours.
As a result, ADA prices soared to as great as $0.56 before a slight drop. At the start of the week, ADA hit a high of $0.67.
While pointing towards last time’s whale accumulation during a downswing, the firm claims that ADA price surged more than 28% in just 18 hours.
Meanwhile, Cardano founder Charles Hoskinson’s optimistic comments may have sparked more whale interest in the coin.
New Features On Cardano Blockchain
According to Github data, Cardano blockchain’s development activity reached a record high during this week. This was in parallel with a significant increase in ADA pricing.
Furthermore, Hoskinson hinted at additional blockchain functionalities. The addition of new functionalities will start on June 9 at the Consensus conference.
The fork is intended to be a significant update to the blockchain, with main developers claiming that it would vastly improve the Cardano development experience. On the other hand, the Vasil fork is estimated to be launched as soon as June.
