Cardano (ADA) price today jumps 30%. Here’s a look at what is Cardano and why it is suddenly rising
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Cardano (ADA) Price Latest Update Today (5/31): The price of Cardano (ADA) crypto token jumped by over 30 percent from $0.5167 to $0.6744 between 2.44 pm on Monday and 11 am on Tuesday. At the time of writing, Cardano was trading at $6474, 24.32 percent higher compared to its price 24 hours earlier, according to data on CoinMarketCap.
In the last 7 days, Cardano price has increased by 26.3 percent. While ADA is still far behind its all-time high of $3.09 the current rally has come as a relief for cryptocurrency investors and traders after weeks of crypto crash gloom. The overall crypto market cap has crossed $1.30 trillion mark in the last 24 hours with Cardano leading the gains among all blue-chip cryptos.
Meanwhile, ADA has also surpassed XRP to become the sixth largest crypto by market cap. The cryptos ranking above Cardano now are Bitcoin, Ethereum, USDT, USDC and BNB.
What is Cardano (ADA) token?
ADA is the native token of Cardano, a proof-of-stake blockchain platform. The token has been named after Ada Lovelace, 19th century mathematician also recognised as the first computer programmer. Founded in 2015 by Ethereum co-founder Charles Hopkinson, Cardano blockchain is said to be open-source and decentralised.
As of today, Cardano is one of the biggest cryptos by market cap. It has been designed as a flexible, sustainable and scalable blockchain platform for running smart contracts.
ADA can be purchased, sold or traded on almost all crypto exchanges globally.
Why Cardano price is rising
Cardano price started surging after Iagon launched its Ethereum-Cardano bridge for the second largest stablecoin, USDC. With this, USDC and ERC-20 IAG tokens can now be bridged from Ethereum to the Cardano network. The cross-chain bridge in crypto world allows the use of crypto assets of one blockchain on another. It is expected that the inclusion of USDC to Cardano will further strengthen its DeFi ecosystem.
According to a CoinDesk report, the fundamental catalyst behind the surge in ADA price is the rise in the issuance of native assets on the Cardano network. As per the available data, over five million assets have now been minted on Cardano. Also an upcoming network upgrade in June is expected to increase the scaling capabilities on Cardano network.
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