Cardano’s native cryptocurrency ADA has been gaining momentum, defying market-wide turmoil and increasing in price despite the failure of certain crypto-friendly traditional banks in the US. Silicon Valley Bank, Silvergate, and Signature Bank have gained a reputation for being among the most crypto-friendly financial institutions, but their recent failures have resulted in an uptrend for ADA. The network’s decentralized stablecoin, DJED, has also seen a notable increase in trading volume, surging 43.64%, and gaining a bigger premium to the market than Tether (USDT) following the current stablecoin drama.
Cardano founder, Charles Hoskinson, has taken a jab at traditional banks’ reserve assets handling in response to the crypto de-banking fiasco. The Cardano ecosystem has been defying market-wide turmoil by continuing to build during the bearish downtrend, leading to a rise in market sentiment for ADA. The Cardano network’s slow-and-steady methodology has been commended for its resilience and community growth.
Despite the constant evolution of the Cardano ecosystem, 78% of ADA holders remain “Out of the Money,” according to IntoTheBlock. Nevertheless, Cardano’s developments, events, and partnerships are continuing to build, and its performance has resulted in ADA earning a spot on CoinMarketCap’s trending list on March 13th. At the time of writing, ADA is trading at $0.34 USD, recording a 12.44% increase over the past 24 hours.
Considering a timeline beyond the current cryptocurrency landscape, ADA is up 9.99% from its three-month low of $0.24, but remains at an 88.88% dive from its All-Time High (ATH) of $3.09 on September 2nd, 2021. The uptick of positivity in Cardano’s market sentiment is evident in the 24-hour price chart for ADA, despite its ATH decline.
Charles Hoskinson’s vision of the complete decentralization of the Cardano network is gaining momentum as the traditional banking system has disillusioned a portion of the US public. The recent failure of crypto-friendly traditional banks has highlighted the benefits of decentralization, leading to a renewed interest in cryptocurrencies such as ADA.
