- Cardano records huge upsides today, leading the pack.
- The crypto market continues its upward move as the market cap surpasses $2 trillion.
- Powell warns of more aggressive rate hikes.
Despite warnings of incoming rate hikes, the crypto market continues its fairly bullish trajectory. Today, Cardano’s ADA leads the pack in gains amongst the top 10 crypto assets by market cap.
Cardano Posting Strong Gains
A glance at the interface on Coin360 will leave you seeing a lot of green. That is because a bulk of the assets are maintaining their upward surge. The trend has continued despite the Fed raising interest rates for the first time in almost 4 years.
Today, Cardano has recorded the most heightened gains for crypto assets in the top 10 by market cap, according to data from CoinMarketCap. At press time, ADA is currently up 9.18% in the last 24 hours and 22.97% in the last 7 days. In weekly gains, it is topped only by Avalanche’s AVAX with 26.7%. Notably, it is still trading below $1, currently around $0.98.
Meanwhile, Bitcoin, Ethereum, BNB, and Solana have increased by over 3% today. The assets at the time of writing have posted gains of 4.72%, 3.77%, 3.33%, and 4.84%, respectively, in the last 24 hours.
Cardano’s price isn’t the only thing posting strong gains; the total value locked (TVL) across the network’s DeFi ecosystem is also surging upward. Data from DeFi Llama shows that the TVL across Cardano’s DeFi protocols is up 11.97% in the last 24 hours. The TVL currently sits at $405 million (including staked governance tokens). Minswap remains the dominant protocol with 62.19% of the TVL held on the protocol, followed by SundaeSwap, both protocols around $194 million and $113 million, respectively.
Cardano’s TVL has continued to grow exponentially in the last couple of weeks. In a tweet 10 days ago, Charles Hoskinson explained that the TVL still held a massive potential to the upside as a lot of DApps in development were waiting on the Vasil hard fork in June. Data from Cardano’s development team shows that over 550 DApps are currently developing on the platform.
Crypto Capital Inflow Continues Despite Powell’s Warning Of Aggressive Rate Hikes
More money has continued to pour into the crypto market. After doing so earlier this month, the nascent market again reached above the $2 trillion level.
Fed Chair Jerome Powell, in his speech yesterday, hinted that the Fed was still going to continue on its course to raise rates despite the conflict in Europe. Powell said, “We will take the necessary steps to ensure a return to price stability. In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so.”
Analysts at Goldman Sachs deduce from the Fed Chair’s speech yesterday that rates are likely to be raised more aggressively than anticipated. As a result, they have cautioned investors to expect rates raised by 50 basis points in the FOMC’s next two meetings.