Why is Cardano up 28% today? - BLOX | News

Cardano has many similarities with face masks, both were extremely popular during corona, but shortly afterwards the popularity quickly went downhill.

Yet many still have a stack of face masks lying around somewhere, because: bought in 2020 and a shame to throw away. Many also have Cardano lying around somewhere… sold too late and a shame to sell at a loss.

Good news for anyone who still has a bag of Cardano. The price is up 28% today! So time to dust off your ADA pile and think about what you want to do with it.

Cardano rises 28%

The graph below shows the Cardano course view of the past year. See that huge spike at the end? That’s where we are now. The price is catching up enormously and the hype seems to be back.

On average, ADA traded for around 0.30 euros over the past 12 months. The price appears to be on its way to doubling that average. We just wrote that the value has risen by 28% today, but if we look at a whole year, the coin may even gain 97%.

Not bad for a crypto whose hype was virtually dead.

DeFi on Cardano above $300 million

Cardano’s price shows great things, but it is more than that. The positive news is that Cardano products are increasingly being used.

These products fall under the name DeFi, or decentralized finance. This includes loans that do not go through a central party (such as a bank), or trades that are peer 2 peer.

You can measure the size of all these DeFi products with TVL. This stands for Total Value Locker, or the value of the crypto that passes back and forth on the DeFi side of Cardano, but expressed in dollars.

The TVL on Cardano is $302 million, with a historic peak in March 2022. This growth can be partly attributed to the price increase of ADA. But many new DeFi projects have also been added to the Cardano network.