Cardano’s ADA is one of the major cryptocurrencies that led gains this week, rising 9% to an intraday high of $0.377 with weekly gains of 22%, per data provided by CoinMarketCap. The upsurge has driven ADA’s market capitalization to more than $13 billion, with the daily trading volume topping $700M.
Although there is not one specific reason behind ADA’s bull run, increasing decentralized finance (DeFi) activity could be one of them. Onchain data by Defillama shows a rise in transaction volumes across most NFT, lending, gaming, and DEXs built on Cardano.
Besides, Cardano’s enthusiasts are optimistic about the ongoing developments in the blockchain, including lace wallet and Hoskinson Health & Wellness Clinic based in Wyoming. Lace is a Web 3 wallet platform on Cardano, released as a testnet for managing digital assets, NFTs, and DeFi services.
Cardano is pushing ADA adoption in healthcare and entertainment joints
Hoskinson Health & Wellness Clinic is a healthcare centre that is perceived as one of the ways Cardano is pushing for the adoption of its native token, ADA. The platform’s co-founder, Charles Hoskinson, recently announced that the new facility would accept ADA as payment. The centre offers medical services, including mental health care, health screening, nutrition, and women’s health. Last year, Cardano also announced the launch of Nessie’s restaurant and a whiskey lounge in Wyoming, also accepting ADA.
The surge can also be related to the activities around non-fungible tokens in the cryptocurrency space. The recent debut of the Shiba Inu-themed token BONK equally caused a pump in the value of Solana’s SOL token. The macroeconomic factors also show that the inflation rate could be easing, and investors could jump in and drive crypto prices higher sooner than later.
Cardano’s positive sentiment happens amid an uptick in cryptocurrency market capitalization, up 6% to $1.05 trillion at press time. Bitcoin has reclaimed the $23k level, while ETH is also on the green, hovering above $1,650.