Cardano’s price hit a 2-year peak of $0.78 on Mar. 5, which saw ADA’s weekly timeframe gains exceed Solana’s performance.
Cardano and other altcoins have been on a tear over the past week, while Bitcoin’s dominance (BTC.D) slipped into a downtrend. On-chain analysis examines how the rapid growth of Cardano’s defi ecosystem could help ADA prices capture more value in the coming days.
ADA price has outperformed SOL in the past week
Bitcoin has grabbed most of the media headlines in March 2024 so far. However, Bitcoin dominance over the past week highlights how investors have begun diversifying portfolios as BTC price reaches an all-time high.
Market data shows that mega-cap Layer-1 altcoins have been attracting billions of dollars in capital inflows, and ADA has now emerged as one of the most sought-after coins in the current phase of the market rally.
ADA price has grown by 34% in the past week, racing from $0.61 on Feb 27 to a peak of $0.80 on Mar. 4. L1 rival network Solana’s (SOL) price has only gained 28% in the same time frame.
ADA has gained greater investor mind-share as the crypto market rally proceeds into its sixth consecutive month. The steady demand for defi products and services built on the Cardano network in 2024 could be a significant bullish catalyst.
Cardano defi TVL has attracted $98 million inflows in 2024
ADA price has outperformed Solana in the past week. And thanks to steady capital inflows recorded on the Cardano defi ecosystem, the gap could widen in the weeks ahead.
Cardano’s defi TVL hit an all-time high of $506 million on Mar. 4. As per DefiLlama dat
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Author: Ibrahim Ajibade
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