Cardano (ADA) has reclaimed lost ground by overtaking Stellar (XLM), climbing to the 13th spot within a short window.
ADA is now just one position away from overtaking flipping Zcash (ZEC).
Recently, Stellar completely left Cardano behind after skyrocketing 76% in a single week. This was due to Wall Street clearing giant DTCC announcing plans to partner with the Stellar Development Foundation for tokenization purposes.
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However, the tables have turned overnight, with ADA recording a notable 30% gain over the last seven days.
Retail trust recovers
According to data provided by blockchain firm Santiment, the immediate catalyst for Cardano’s sudden price breakout is a strong decoupling trend.
Last month, the asset suffered from peak FUD (Fear, Uncertainty, and Doubt) fueled by historical price drops to levels not seen since 2020.
Public concerns voiced by founder Charles Hoskinson added some fuel to the fire.
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This panic, however, created an accumulation zone for contrarian buyers.
The Cardano network has now added a notable 14,783 new, non-empty ADA wallets, which has also translated into the aforementioned price recovery.
Growing interoperability
Cardano founder Charles Hoskinson recently stated that the core developer teams are “working 24/7” and refuse to slow down. He acknowledged that the digital asset market isn’t yet where it needs to be, but he firmly noted that conditions are “infinitely better than what it was in 2018”.
Midnight is designed to achieve deep cross-chain interoperability by initially supporting a “big seven” roster of premier layer-1 ecosystems: Bitcoin, Ethereum, Cardano, Avalanche, Solana, BNB, and XRP. “If you are from that ecosystem, you are welcome in Midnight,” Hoskinson stated.
In a surprising revelation, Hoskinson confirmed that Solana-based memecoins will “100%” be able to be traded directly within the Midnight ecosystem.