- ADA rose more than 7% last week, but bearish sentiment remained dominant.
- Cardano’s latest report highlighted the work done by several teams over the past week.
Cardano [ADA] Investors rejoiced last week when the token delivered promising gains. While the token’s price gained bullish momentum, things on the development front also remained interesting as ADA developers ramped up their efforts.
ADA is back on track!
According to CoinMarketCapADA showed remarkable performance last week when its value rose by more than 7.6%.
In the last 24 hours, the token is up 2%. At the time of writing, ADA was trading at $0.5168 with a market cap of over $18.3 billion. The price increase was accompanied by an 18% increase in volume, which legitimized the upward trend.
AMBCrypto’s look at Coinglass’ data showed that Cardano’s open interest has also been increasing lately. This suggested that the possibility of ADAThe price that continued to rise was high.
Source: Coinglass
Thanks to the price increase, Cardano became a topic of discussion in the crypto space as its social dominance soared last week.
However, it was surprising to note that despite the increase in value, negative sentiment surrounding the token was dominant in the market, which was evident from the low-weighted sentiment chart.
Source: Santiment
Cardano’s development is also in line
Beyond the metrics and price action, things on the development front also looked promising. AMBCrypto’s analysis showed that ADA development activity has increased significantly over the past seven days.
The number of contributors to development activities also increased quite a few times over the same period.
Source: Santiment
Cardano recently published the latest edition of its weekly development report, which shed light on the reasons behind the increase in development activities.
Last week, the Hydra team held annual roadmapping sessions and introduced a groundbreaking API change to introduce several new features.
We publish our weekly magazine every Friday #Cardano development update.
So for more information on what the IOG development team has been working on over the past week, head here and take a look????https://t.co/J16ckEkVRX
— Input Output (@InputOutputHK) February 2, 2024
The Mithril team continued to implement a new data type for certifying Cardano transactions within Mithril networks. They also completed improved node communications between Mithril and Cardano for UTXO retrieval.
Meanwhile, the teams at Voltaire and Sanchonet have developed a key Conway feature that allows stake pool operators to vote on selected security-relevant protocol parameter updates.
Is your portfolio green? Check the Cardano profit calculator
Apart from this, the weekly report also mentioned the updated statistics of the Cardano blockchain. To date, the blockchain has completed 83.2 million transactions and has 9.52 million native tokens.
Moreover, more than 157 projects have been launched on the blockchain, while more than 1,300 are being built on it ADA.
Source: Essentialcardano