The price of Cardano (CCC:ADA-USD) has been rising while the broader cryptocurrency market continues to fall, making the fledgling asset a lone bright spot among digital coins and tokens.
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On the day of this writing, the price of ADA-USD is up 9.5% at $1.24 in the past week. Cardano has been marching higher as larger digital coins such as Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) fall into bear market territory as they are each more than 30% below their all-time highs reached in mid-November.
To be sure, the price of ADA-USD has also fallen more than 30% over the last two months, but Cardano appears to be rebounding faster than other cryptocurrencies as both Bitcoin and Ethereum face the ominous technical indicator known as a “death cross.” ADA-USD is up about 300% over the last 12-months. So, what is the catalyst leading Cardano to rebound?
Milestones and New Projects
The catalyst for Cardano right now appears to be the fact that the cryptocurrency has hit several key milestones in recent weeks. ADA-USD has exceeded the 20 million transaction mark with no downtime in over 1,500 days of operation. And Cardano is also now held in more than one million digital wallets worldwide.
Both of these achievements are significant and have helped the price recover from its autumn selloff. Also key has been the launch of the rewards token ADACash (CCC:ADACASH-USD) last month, which reached a market capitalization of $30 million and more than 10,000 holders less than a month after its debut.
The successful launch of ADACash provides momentum to Cardano. However, developers are not stopping when it comes to new projects related to the ADA-USD blockchain, which is billed as a third generation blockchain after Bitcoin and Ethereum.
Developers are coming up with new projects that include a non fungible token (NFT) marketplace and an exchange for decentralized finance (DeFi) transactions. While these projects will take time to come to market, they underscore the utility and functionality of the Cardano blockchain and position ADA-USD for future growth.
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