The price of ADA, the native token of the Cardano blockchain, surged to a seven-week high of $1.13 on Thursday, a price not seen since early February.
ADA’s price rise was accompanied by increased trading volume, extending ADA’s weekly gain to nearly 35% to make it the best-performing coin on the top 10 list over the past seven days, according to CoinMarketCap.
This growth can be attributed to the news that Coinbase, the largest crypto exchange in the US, is now allowing staking of this asset. Staking is the process of actively participating in transaction validation (similar to mining) on Proof-of-Stake blockchains.
Similar to Ethereum, Cardano leverages smart contracts to enable the development of decentralized finance (DeFi) or NFT applications.
SOL, NEAR impressively grow
The cryptocurrency market has witnessed tremendous growth after a long time in the red.
Popular meme coin Dogecoin is up 13.9% over the past 24 hours, currently trading at $0.13, while NEAR, the native cryptocurrency of NEAR Protocol, is up 10%, trading at $12.23 . SOL, the native token of the Solana blockchain, is also up 10% to its current value of $100, while the price of Harmony (ONE) is up 6.9% to $0.15.
As for the top assets in the market, Bitcoin rises 2% and Ethereum rises more than 3%. The entire market capitalization is currently hovering around the 2 trillion mark.