The rise in the cryptocurrency market since the beginning of 2023 has allowed Bitcoin (BTC) and altcoins to record significant increases.
One of the altcoins that benefited the most from this rise was Cardano (ADA). ADA has experienced an increase of approximately 80% since the beginning of 2023.
Evaluating Cardano's performance, Messari analysts noted that Cardano recorded tremendous growth in the first quarter of 2023.
The report states that the total value locked in the Cardano network has tripled in the first quarter of 2023.
Messari analysts attributed Cardano's growth to increased dApp transactions, new stablecoin launches, innovations in scalability, and the launch of the Ethereum (ETH) virtual machine (EVM) compatibility project on the Cardano network.
“ADA's market cap increased by 54% QoQ from $8.6 billion to $13.2 billion. This increase moved ADA from ninth to seventh by market capitalization.
TVL also rose 172% QoQ from $50.8 million to $138.3 million.
The Indigo (IUSD) and died (DJED) stablecoin projects have been the largest attracting assets on the ADA network.”
Cardano, which rose to $ 0.46 last week, reaching the highest level of the last six months, fell to $ 0.40 with the sharp decline experienced today.
*Not investment advice.