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Cardano Eyeing the $1 Barrier in a Two-Day Positive Run-Up, Here's What to Know

Tue, 03/22/2022 - 14:50
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Tomiwabold Olajide
Cardano's ADA led gains among top 10 cryptocurrencies
Cardano Eyeing the $1 Barrier in a Two-Day Positive Run-Up, Here's What to Know
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According to CoinMarketCap data, Cardano's ADA led gains among the top 10 cryptocurrencies with an almost 10% increase in the last 24 hours.

Since March 21, the asset's price has risen steadily, approaching the important $1 level. ADA was trading at $0.977 at the time of publication, following intraday highs of $0.987. The total market capitalization momentarily approached $2 trillion, a number last reached at the start of March.

Investors can now get exposure to Cardano through the recently created Grayscale smart contract fund, which is good news for ADA.

On Tuesday, Grayscale Investments announced the launch of its "Smart Contract Platform ex Ethereum Fund," which aims to provide exposure to smart contract technologies outside of the Ethereum blockchain.

The fund's holdings are: Cardano's ADA with a 24.6% weighting, Solana's SOL at 24.3%, Avalanche's AVAX at 17%, Polkadot's DOT at 16.2%, Polygon's MATIC at 9.7%, Algorand's ALGO at 4.3% and Stellar's XLM at 4.1%.

Cardano pools register $1.4 billion ADA staking inflows

On March 22, Cardano (ADA) saw a significant increase in the quantity of ADA that was placed into its staking pools in just 12 hours.

According to statistics from Cardano staking pool analytics platform, the amount of Cardano that inflowed into the 23 freshly created staking pools was roughly around 1.5 billion ADA, which translates to nearly $1.4 billion at the time of writing. Each pool in this context has a stake of 62 million ADC, with a stake proportion of over 73%.

Aside from that, according to DefiLlama data, Cardano TVL (Total Value Locked) reached $300 million on March 22. With the inclusion of staked governance, Cardano's TVL stands at $405 million. The Cardano ecosystem will continue to grow, according to IOHK CEO Charles Hoskinson, with the Vasil hard fork set for June.

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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.