• Cardano’s price hit its 7-day high at over $0.38 in the last 24h. 
•  The 24-hour trading volume of Cardano (ADA) surged over 159%.

Bulls at the current frontier are leading major price rallies in the global crypto market. Significantly, the price of Cardano (ADA) jumped 12% in the last 24 hours to the range of $0.38.

At press time, the price of Cardano hovered above the 50-moving average (50MA), pointing out the bullish trend. Likewise, as per the above chart, ADA exhibited high volatility with its relative volatility index (RVI) that lies above 60. According to CoinMarketCap, at the time of writing, ADA traded at $0.3797. Preceding ADA, XRP climbed to the top by exhibiting its major 24-H price gain. 

Similar to the token price surge, the total value locked (TVL) in the Cardano blockchain rose 10% in a day to reach $133 million, at press time. As per analytical data from Messari, the count of active Cardano wallet addresses spiked by 31% in the last seven days.

A Track of Cardano Updates

Recently on March 16, Cardano blockchain launched its new node version – v.1.35.6 – to enable the dynamic peer-to-peer (P2P) networking functionality. The objective of this release is to upgrade the network’s communication infrastructure. Also, it is expected to maximize the network’s resilience against outages and malicious behavior. 

Notably, this functionality is being tested by stake pool operators (SPOs). As per IOG’s report, the team detected a bug that hindered the P2P node connectivity. In late January, the network also launched its native ADA-backed stablecoin – Djed (DJED). As per CMC, DJED witnessed a 1.05% increase in price. 

In addition to these, the network accelerated its march toward the Voltaire era by aiding the proposal, CIP-1694. This proposal aimed at scaling the “on-chain decentralized” governance of the Cardano ecosystem.

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