Cardano (ADA) Receives New Boost to Rally, Here's Why

In line with its transparency policy, Input Output Global (IOG), the parent company of the Cardano protocol has released the weekly performance update of the proof-of-stake (PoS) network. According to the report, a total of 117 projects have been launched on Cardano, with exactly 1,209 projects building on it at the moment.

The weekly #Cardano development update is now live on #EssentialCardano.

See the full report for complete details on what the IOG dev teams have been up to and get the latest on the development progress⤵️https://t.co/d928u4xFus

— Input Output (@InputOutputHK) March 3, 2023

IOG has made it a practice to update its community on the developments on Cardano on a weekly basis. This update is coming at the right time as ADA, the mega network's native cryptocurrency, has been on a steady slip following the general market trend.

At the time of writing, ADA is down by 3.59% to $0.3386. This current price slump has eroded the gains the digital currency has garnered over the past month, as seen in the 13.1% slump within that time frame. While not being the only big coin in the red, Cardano's latest update might serve as a much-needed revival to retrace its steps.

According to the report, a total of 70.258 token policies were recorded on Cardano, and the transaction count now tops 62.2 million. Besides these quantitative advancements, Hydra's work scope has been created for mainnet compatibility.

Only impediment in sight

Ideally, the impressive weekly activities and record milestone achievements are enough to help boost the price of Cardano. However, the strong correlation with Bitcoin (BTC) might make this growth indeterminate.

Whenever Bitcoin slumps, the broader market sentiment turns negative, thus driving down the other altcoins. The reverse also holds true, and the influence of the positive activities on Cardano will thus be felt when the Bitcoin bulls are back in action.

Cardano remains a high performance digital currency, and with a good number of protocol updates underway, ADA coin is on track to show more resilience even if market sentiment does not improve in the short term.