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Decoding Cardano’s [ADA] weekly report for you to avoid losses

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Decoding Cardano's [ADA] weekly report for you to avoid losses
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  • Cardano’s weekly development report went live highlighting the necessary updates.
  • ADA’s performance on both the price and metrics front remained positive. 

The last week was quite happening for the Cardano [ADA] ecosystem as new announcements were made and upgrades got released. ADA’s price also registered a double-digit increase.

According to CoinMarketCap, ADA rallied by over 12% in the past seven days, and at the time of writing, it was trading at $0.4039 with a market capitalization of more than $13.9 billion.

Cardano also recently posted its weekly development report, which highlighted the most notable developments on the network. 

Read Cardano’s [ADA] Price Prediction 2023-24

Valentine’s week was eventful!

The report first mentioned the most prominent update, which was the release of the much-awaited Valentine upgrade. With its launch, cross-chain interoperability was fostered with native support for SECP, which also ensures the highest level of security for DApp development.

Apart from the Valentine update, Cardano also mentioned what different teams worked on during the last week. For instance, the Plutus team worked on the Plutus debugger, script capacity increase, and documentation.

On the other hand, the Hydra team completed work on some gaps to bring the Hydra scripts’ implementation in line with the specification, which also improved the size and cost of the scripts. In addition, Cardano also mentioned that the Mithril team released a new 2306.0 distribution that implements minor fixes.

Lastly, the report highlighted updated statistics of the ecosystem, which did not seem to have changed much since the previous week.

Consider this- the total number of native tokens was about to reach 7.8 million, at press time, while the total number of transactions touched 61.4 million. 

Is your portfolio green? Check the Cardano Profit Calculator 

Decent on-chain performance?

Much like ADA’s performance on the price front, its on-chain metrics also looked pretty optimistic. ADA’s recent price gain was accompanied by an increase in volume.

After a few days of decline, the coin’s MVRV Ratio registered an increase and managed to remain on the upper side.

Moreover, ADA was also in demand in the derivatives market as its Binance funding rate was relatively high.

Thanks to the Valentine upgrade, ADA’s development activity increased during the last week. However, the development activity declined after the upgrade. ADA’s social statistics were also positive as the social volume increased, reflecting its popularity. 

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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