While major cryptocurrencies such as Bitcoin and Ethereum have stagnated, Cardano's ADA has grown by 5% over the past week.
Over the weekend, Bitcoin attempted to break above the $47.000 level. However, it failed in its attack and lost almost $1.000, at the time of writing, BTC is at $46.136. In this same time frame, most altcoins have shown atypical stability, with the exception of Cardano, which has been on the rise. shot up 5%.
Ethereum has hit a three-month high
After a few weeks of spikes and turbulence, the altcoin market has regained some stability. Ethereum has marked a maximum of three months, reaching $3.500, before falling slightly to $3.478,35 at the time of writing.
This push is due to the expectation generated by the upcoming migration of the Ethereum network from proof of work to proof of stakeThe merger has already been tested on the Kiln testnet, where it has proven to be effective. In this sense, the implementation on the mainnet is expected to mark a milestone that completely changes the ecosystem.
Cardano regains its place in the crypto top
On the other hand, while altcoins such as Solana, Terra, Ripple or Avalanche have slightly declined, Cardano's ADA has had a week of growth.
Over the past week, Cardano had a 5% daily growth. Thus, ADA remained above $1,2 and managed to regain its position as the seventh cryptocurrency by market capitalization.
One of the reasons for the network's growth has been the announcements of imminent network upgrades. In this regard, the announcement of a proposal to expand the memory of the Plutus scripts, is one of the main factors that have driven this growth.
The announcement by the Swiss asset management company, Valour, of the creation of three exchange-traded products (ETPs) linked to the price of Cardano, Polkadot and Solana, could also have positively affected the price of the cryptocurrency. These products will begin trading on the Euronext exchanges in Paris and Amsterdam, starting next April 6.
Snoop Dogg joins Cardano
Another reason for ADA's takeoff has been the news about the next NFT collection that Snoop Dogg will launch on Cardano, in partnership with Clay Nation, a studio dedicated to creating Handcrafted NFTs made of plasticine (clay).
The collection will feature collaborations with NFT artists such as Champ Medici and will offer holders access to exclusive songs from the singer and special merchandise.
The collection is being launched with the express participation of Charles Hoskinson and is scheduled for release on April 5th.
The flourishing Cardano ecosystem
Although Hoskinson's predictions about Cardano's DApp ecosystem have failed, the truth is that since the hard fork Alonzo, in which smart contracts were implemented, the network has not stopped growing.
Since January 1, 2022, the total value locked (TVL) on Cardano has grown by 25.000% to $300 million, and the network now has four million native applications.
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