Key Cardano upgrade goes live sending ADA price soaring

Amid the widespread financial crisis caused by large banks collapsing, the cryptocurrency market has shown exceptional resilience, and the Cardano (ADA) team has just launched another critical upgrade to its network, helping its cryptocurrency join the rally.

Timeline of Cardano

Cardano (ADA/USD) price regained momentum after its developers announced a new node upgrade in its network. ADA jumped to a high of $0.34, the highest level since March 15 of this year. This recovery coincides with the resurgence of digital coins, with Bitcoin trading at its highest point this year.

There is no doubt that ongoing news about the US banking crisis and news about AI developments have given wings to the entire crypto world, including Cardano, Decentraland, and The Graph.

The Cardano ($ADA) network has been seeing increased interest from institutional investors and whales on its network, with the volume of large transactions exceeding $100,000 recently rising significantly.

Cardano and Solana are competitors in the decentralized finance (DeFi) and non-fungible token (NFT) space as both blockchains offer smart contract capability that makes the creation of these assets possible. Both of their native cryptocurrencies namely ADA and SOL have also taken a significant beating in the market as the bear market raged on.

Charles Hoskinson, the founder of Cardano, has addressed recent concerns about the network's governance structure, reassuring ADA enthusiasts and users that development processes will be robust and transparent.

Cardano (ADA) had been recently struggling to find solid support until it did so at $0.30, whereafter, bulls were able to successfully regain momentum. The price this week increased rapidly, eventually reaching the point of resistance at $0.35.

Crypto Prices Today: The market is trading in red today as Bitcoin, and Altcoins including Ethereum see a decline. As of writing, Bitcoin price has decreased by 0.96% in the last 24 hours.

Cardano [ADA], the decentralized Proof-of-Stake (PoS) blockchain, has put up with consistent neglect by folks in the crypto-channel. The lack of attention given to the network might be surprising though, especially as the ecosystem reacted positively to recent crises in the industry.

Cardano had attempted to recover on its chart in the past week, but the bulls could not sustain the attempted upward movement. Over the last 24 hours, ADA dipped close to 9%, and in the previous week, it registered a loss of 1%.

Cardano [ADA] rebounded strongly after hitting its recent low of $0.3020 on 12 March. It saw aggressive buying at the above lows pushing its price break key resistances as Bitcoin [BTC] surged to the $26k area.