Cardano Surges 32% in a Week, Reclaims Top-15 Spot

Cardano has posted one of the strongest moves among the top 20 cryptocurrencies over the past few days: ADA climbed from a local low of $0.1387 to $0.189 — a 37% gain — and rose more than 32% over the week, overtaking Chainlink and Monero by market cap to reclaim the 14th spot among the largest cryptocurrencies at roughly a $6 billion valuation, according to The Crypto Basic.

The rally coincided with several technical catalysts. The network is rolling out its hard fork V11 "van Rossem" — roughly 88% of blocks over the past week are already being minted on the new protocol version. Since June 23, the network has added 14,783 new non-empty wallets, and large whale wallets have grown their holdings by about 150 million ADA since June 25, pushing their combined share to 38.13% of supply, U.Today reports.

The technical picture backs up the move: price broke above the 20-day EMA on higher volume, and the rally came with a wave of short liquidations — meaning part of the surge came from forced unwinds of bearish bets, not just organic buying, notes Bankless Times.

This article is for informational purposes only and does not constitute investment advice.