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Cardano and Solana Surpass Top 10 Cryptos in Weekly Gains as Market Rebounds

Tue, 03/29/2022 - 10:02
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Tomiwabold Olajide
The whole cryptocurrency market is now in a recovery mood
Cardano and Solana Surpass Top 10 Cryptos in Weekly Gains as Market Rebounds
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According to CoinMarketCap, Cardano's (ADA) price is up more than 29.47% since last week, outperforming the rest of the top 10 largest cryptocurrencies by market capitalization in weekly gains. Ethereum killer Solana is also leading with a 23.07% weekly gain, falling behind Cardano in gains over the past seven days.

Data Source: CoinMarketCap

Cardano continued its positive run from lows of $0.77 on March 14  to reach intraday highs of $1.22 at the time of publication. At press time, ADA was changing hands at $1.21, up 2.46% in the last 24 hours per CoinMarketCap data.

The whole cryptocurrency market is now in a recovery mood, with the price of Bitcoin recently reaching a multi-month high of $48,240 on March 28.

Inflows into the Solana ecosystem

According to data provided by digital asset management firm CoinShares, Solana-based institutional investment products recorded a record-breaking $87 million worth of inflows during the previous week.

Solana has now attracted a total of $241 million worth of assets under management, which makes it the fifth-most popular cryptocurrency with institutional investors.

Solana trades at $111.58 at press time, up 5.51% on the day.

Ethereum dApps can now run on Cardano

The Milkomeda Foundation has announced the debut of C1, an Ethereum Virtual Machine-compatible sidechain that is directly connected to the Cardano blockchain.

Users may now move assets effortlessly between the two blockchains, allowing popular Ethereum-based decentralized apps (dApps) to function on top of Cardano. This is accomplished using Milkomeda's wrapped smart contracts technology, which was just pioneered.

In February, the Milkomeda Foundation announced a partnership with Nomad, an interoperability protocol, to make it possible to easily bridge assets from the Ethereum network. The bridge between Cardano and Ethereum was then launched in testnet mode later that month.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.