Cardano back in spotlight leading crypto market recovery ahead of Memorial Day
Cardano’s came back into the spotlight on Sunday following news that the developer network was inching closer to launching smart contracts.
The market capitalization surged 4.4% on Sunday to $1.6 trillion In the spike, Cardano’s ADA, which peaked at $1.70, was leading the rally with a 17% gain.
The latest market correction seems to have worked in ADA’s favor on Sunday as the cryptocurrency briefly penetrated the oversold indicator on the hourly Relative Strength Index Saturday before rebounding sharply over the next 24 hours.
ADA was among the top-performing digital assets while on May 19 crypto market flash crash. It has peaked at $2.46 on May 16 before unwinding 55% over the next week. Looking beyond the immediate shift in market sentiment, ADA fundamentals remain intact.
To note that, ADA supporters are celebrating the launch of the Alonzo smart contract testnet by the development team Input Output Hong Kong (IOHK). The team was eyeing a gradual deployment of Alonzo’s testnet in May and June. Early adopters will have the opportunity to test Alonzo Blue, the first alpha testnet, over the next month.
“The ‘Alonzo’ hard fork will bring exciting and highly-anticipated new capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow for the implementation of smart contracts in Cardano, enabling the deployment of a wide range of new DeFi applications for the first time.” IOHK explained.
Although market sentiment remains tilted to the downside this weekend, as investors continuing to speculate about whether Bitcoin has actually bottomed out. The Crypto Fear & Greed Index has fallen to 10, on a scale of 1-100 where lower scores are associated with “extreme fear.”