These are the projects that are driving the price of Cardano upwards

Cardano was pushed down in the crypto top 10 by market cap as LUNA and XRP took over their former places. However, ADA’s price has risen in the past month and could regain previous highs if general sentiment turns bullish.

Related literature | Cardano rises 13% on rumors of fire mechanism rollout, responds Charles Hoskinson

At the time of writing, Cardano (ADA) is trading at $1.20 with a 30% increase over the period. This makes ADA the best performing cryptocurrency by market cap.

ADA with bullish momemtum on the 4-hour chart. Source: ADAUSDT Tradingview

The price of ADA is recovering from a multi-month decline that saw the price plummet from an all-time high of around $3 to below $1 in 2022. There are several factors contributing to the current rally.

This includes the full implementation of smart contract capabilities, the increase in developer activity logged by the network, the improvement of Cardano to make it more decentralized and scalable, according to the main developer IOG.

Most importantly, the above factors have translated into an ecosystem explosion. There are hundreds of projects building on Cardano that could complement the Ethereum Killer story.

IOG recently put some of these projects in the spotlight. Through their official Twitter handle, the company said

The Cardano ecosystem is growing by leaps and bounds, with new players entering the ecosystem every day. Let’s start this week with a summary of the latest news and announcements from Building On Cardano projects and contributing to its growth.

One of these projects is Milkomeda. Created as a scalability solution for Cardano, this project aims to integrate the network with Ethereum Virtual Machines (EVM) capabilities.

The project was launched on March 28 on Cardano. In the future, this network will be able to integrate with other blockchains, such as Avalanche and Algorand.

IOG also mentioned Ergo, a decentralized exchange that will be implemented in the Cardano testnet on April 4. In addition, this network will see more use cases with the future launch of a converter bridge solution, made by Singularity, and tokenization of real assets with the Indigo protocol.

Cardano growth above expectations, institutions want more ADA

Cardano inventor Charles Hoskinson celebrated the project’s growth. In 2021, Hoskinson predicted a boom in the number of projects building on this network and the number of assets launching on Cardano. Via Twitter he has Posted that there are “millions” of both who exceed his expectations.

In the coming months, this number looks set to rise as the network prepares for another Hard Fork Combinator (HFC) event. Dubbed “Vasil,” Hoskinson believes it will spark a new wave of network activity and potential total value locked (TVL).

Related literature | Despite a rocky start with Hoskinson, Cardano makes for an interesting year

Thus, ADA’s price could be fuel for the medium to long term to support its rally. Data from IntoTheBlock suggests that institutional investors may have noticed this future trend as the number of addresses moves up a large amount in the ADA trend.

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