Total TVL for Cardano (source: Twitter)
Many commenters on the post made the point that a high TVL does not always indicate a rise in the price of the cryptocurrency. Although this is not the case right now, Gambardello retorted, it is a reflection of blockchain development, which will ultimately be reflected in the price of ADA.
The majority of the top 10 cryptocurrencies were trading in the red yesterday, but this is no longer the situation now that a new week has begun. Nearly all of the major cryptocurrencies are now in the black, albeit barely. Cardano is one of these cryptos. (ADA).
US 1D Cardano/Tether (Source: TradingView)
According to CoinMarketCap, the price of ADA has increased by 0.36% in the last day to $0.3418, where it is presently being traded. Over the same time frame, the alternative currency managed to hit a high of $0.3527 and a low of $0.3372. ADA still needs to improve on its weekly performance as the alternative currency is only up about 0.26% in the last week.
The Ethereum-killer’s 24-hour trading volume has increased by more than 4% since yesterday and is presently in positive territory at $310,671,691. According to market valuation, ADA is the seventh-largest cryptocurrency with a value of $11,880,738,619,
People may be waiting for the interest rate decision that will be made later this week, which may be one of the reasons why the price of ADA has not yet really reacted to the TVL metric.