NEW YORK - Cardano's (ADA) value witnessed a significant surge today, reaching a peak of $0.4100, the highest since April earlier this year. This growth represents an over 66% increase from its lowest valuation this year, propelling its market capitalization to surpass the $13 billion mark. The rally in ADA's price reflects a broader uptrend in the cryptocurrency market, with Bitcoin achieving an eighteen-month high of more than $37,500 and other digital currencies such as Avalanche, Solana, and Tron also experiencing notable gains.
The DeFi ecosystem within Cardano has flourished, with its Total Value Locked (TVL) in ADA exceeding 688 million coins, translating to over $260 million. The past month has seen substantial growth for DeFi dApps on the Cardano network, with many reporting double-digit rises in TVL. Indigo stands out with a 66% jump in TVL to over $64 million, while Minswap, Liqwid, Optim Finance, and Astarter each have seen increases of over 60%.
The futures market for ADA is indicating bullish sentiment as well. Open interest has been on an upward trajectory since hitting a low of $89 million in September. It peaked today at $162 million, suggesting a growing demand for ADA.
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