Cardano (ADA) is now ranked 11th on the list by market cap and has risen by about 5% in the last one day. This comes as Bitcoin, the biggest crypto by market cap, rallied above $61k on Friday after a volatile week.
Bitcoin’s rise also helped stimulate the rest of the market, causing Cardano to briefly climb to $0.348 following a weekly low of $0.331.
The cryptocurrency market posted today’s low volatility after the publication of the US Consumer Price Index (CPI) which showed inflation was higher in September than expected. Which reduced expectations for a large interest rate cut by the Federal Reserve next month.
Cardano Whales Drive Rebound
The price of a Bitcoin dropped below $59,000 for the first time, and ADA also fell but both have bounced back. Cardano’s bounce has come on the back of a surge in large transaction volume.
In the last 24 hours, the whales traded more than $5.8 billion worth of ADA or approximately 17.23 billion ADA, as per IntoTheBlock. However, recent technical advances at ADA have also contributed to the current enhanced investor confidence in the market.
ADA core development team, Input Output Global (IOG), published strong growth numbers for September such as 1376 live projects leveraging the ADA ecosystem, increased delegated wallets, and a boost in Plutus scripts, which are the scripts for smart contracts on the Cardano blockchain.
In addition, IOG launched new updates like Node v.9.2.0 and v.9.2.1 for boosting system performance, and Lace v.1.16 for augmenting the wallet facility. Hydra also advanced with version 0.19.0 release it moved the ledger to Conway era, but it had to remain compatible with older transactions.
