Is Cardano (ADA) crypto rising on Iagons Ethereum-Cardano bridge news?
The Cardano (ADA) crypto gained traction on Tuesday morning, with its token price rising over 23% and trading volume increasing by more than 310% in the trailing 24 hours.
The rally helped the ADA token secure a sixth place in the crypto ranking by market cap, surpassing XRP, according to CoinMarketCap.com. But before discussing the possible reasons for its rally, let’s find out more about the Cardano (ADA) crypto.
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What is Cardano (ADA) crypto?
Cardano is a proof-of-stake blockchain platform that claims to enable creators or “visionaries” to bring a positive global change. The open-source project aims to “redistribute power from unaccountable structures” to individuals while creating a “secured, transparent, and fair society”.
It was founded by Charles Hoskinson in 2017. The project has been named after Italian polymath Gerolamo Cardano, while its native token, ADA, was named after 19th-century mathematician Ada Lovelace.
ADA enables token holders to participate in the network, with voting rights on any proposed changes to the software. The token can be traded on exchanges like Binance, Bittrex, HitBTC, etc. Cardano offers technology to create decentralized applications (DApps) and smart contracts on the platform.
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Why is it rising?
The Cardano price rally could be due to Iagon’s Ethereum-Cardano token bridge launch. The cross-chain bridge would allow the movement of USDC stablecoins and ERC-20 IAG tokens between Ethereum and Cardano networks.
Additionally, users may have welcomed the issuance of native assets on the Cardano network, triggering the ADA rally. More than five million assets are reportedly minted on the Cardano network.
Meanwhile, the scheduled Cardano network upgrade in June may have attracted investors to the project. The Vasil hardfork upgrade is expected to enhance the network’s scaling capabilities.
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Data Source: CoinMarketCap.com
Bottom line:
The ADA token was priced at US$0.6491 at 9:34 am ET on May 31, up 23.18%, while its volume for the last 24 hours rocketed 310.73% to US$2.86 billion. It has a market cap of US$22.02 billion, and its fully-diluted market cap is US$29.20 billion.
The token has a maximum supply of 45 billion, a total supply of 34.27 billion, and its current circulating supply is around 33.75 billion. It returned gains of 22.3% in the last seven days. However, the token still traded more than 78% lower from its all-time high of US$3.10 on Sept 2, 2021.
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