Global — Cardano’s native cryptocurrency, ADA, has experienced a significant price increase, rising by 6.2% in the last 24 hours to reach $0.3651. This rally has pushed ADA’s market capitalization beyond $13.1 billion, with daily trading volumes soaring by 66%, surpassing $353 million.
The surge in ADA’s price is largely attributed to the upcoming Cardano Chang hard fork, scheduled to take place within the next week. Following the release of Node 9.1 last month, the Cardano network is now fully prepared for this upgrade, which is expected to introduce enhanced governance models and further decentralize the blockchain.
In addition to the impending hard fork, another key driver behind ADA’s price increase is the recent spike in staking rewards. A notable advocate within the Cardano community recently highlighted a new feature that allows ADA stakers to earn an additional 30% in rewards through the protocol’s Staking Baskets. During the Rare Evo 2024 event in Las Vegas, Cardano founder Charles Hoskinson and IOG community member Tim Harrison discussed the optimization of Staking Basket smart contracts, which now enable users to deposit just 10 ADA to earn 15% more rewards compared to traditional staking methods.
Staking Baskets, introduced in 2023, are designed to enhance the decentralization of the Cardano network. These baskets utilize smart contracts, allowing users to deposit ADA and delegate it to multiple staking pools. Additionally, users have the option to create custom Staking Baskets with specific pools, providing greater flexibility and potentially higher returns.
Recent on-chain data has revealed a rise in the number of active Cardano addresses, coinciding with the Rare Evo 2024 event. This trend suggests increased interest from new investors, particularly those keen to test the newly released Hydra Layer 2 scaling solution, which could significantly improve Cardano’s performance.
Traders are also capitalizing on the growing positive sentiment surrounding Cardano. According to Coinglass Liquidation data, over $10 million in cumulative short positions were liquidated between the price levels of $0.319 and $0.367, reflecting strong bullish momentum.
Currently, ADA faces immediate resistance at the $0.37 level. A successful breach of this threshold could pave the way for a rally towards $0.45. The overall market sentiment remains optimistic, driven by the excitement surrounding enhanced staking rewards and the anticipation of the upcoming hard fork.
