The major coins are retracing their way to the top, with the market appearing to be back on track to record the long-awaited recovery. However, the market and ecosystem-centric updates acted as catalysts for favorable price momentum in addition to the most significant gains.
One of the biggest hurdles this week was Cardano (quotation ADA), which finally managed to bring its price above the $ 1 threshold after being below the price level for over a month. Positive market news was the key to ADA's recent price jump, as well as the broader market recovery.
Coinbase adds rewards for it staking by Cardano
The publicly traded cryptocurrency exchange Coinbase announced on March 24 that it would offer it staking for ADA, the native cryptocurrency of the Cardano blockchain. This move aligns with Coinbase's plans to continue scaling their betting portfolio in 2022.
A blog shared by the exchange highlighted that the current estimated annual return for lo staking of Cardano on Coinbase is around 3,75% APY. Coinbase Senior Product Manager Rupmalini Sahu explained the decision by underlining that:
“ADA is in the top 10 coins by market capitalization, and has a flexible, sustainable and scalable blockchain design. This design uses smart contracts, similar to Ethereum and Solana, to enable decentralized finance, NFT and other activities on the network ”.
In particular, Coinbase has been in a good listing period since last year; the exchange also recently added ApeCoin (APE). Coinbase aims to increase its options by staking, as Sahu points out the exchange's “plans to continue scaling its portfolio of staking in 2022 ".
Specifically, ADA joins a list of coins for which Coinbase provides staking, including Algorand, Cosmos, Ethereum and Tezos.
ADA finally above $ 1
Cardano price has seen a significant boost after months of downtrend. A crucial development that has fueled a bullish narrative among investors for ADA is the Cardano network upgrade which increased Plutus' script memory units per block to 62 million.
Historically, Cardano's network updates have had a bullish impact on the price trajectory of altcoins, fueling the demand for ADA in exchanges. As of press time, ADA was trading at $ 1,11, noting a price increase of 14,66% daily and 31,69% weekly.
Cardano's recent upward price trend combines a technical rebound from oversold levels and a long-term bullish outlook, considering the upcoming network updates.
