According to U.Today, Cardano (ADA), a well-known cryptocurrency, experienced a significant resurgence, increasing its market capitalization by over half a billion dollars. This increase follows a positive reaction from financial markets, especially within the cryptocurrency sector, to the recent release of Consumer Price Index (CPI) data.
Data from CoinMarketCap reveals that Cardano's market capitalization rose from $15.4 billion to $15.91 billion during the current trading session, reinforcing its status as the 10th largest cryptocurrency by market capitalization. This increase positions Cardano ahead of Shiba Inu (SHIB) but behind Dogecoin (DOGE), which currently ranks 9th with a market capitalization of $22.12 billion.
The primary driver of this increase is the significant rise in the price of ADA, Cardano's native token, sparked by the CPI report. After a significant downturn over the past five days, ADA's price saw a swift rise, increasing by 4.2% within a single trading session to reach $0.448.
The CPI report, which showed a slightly lower-than-expected inflation rate, led traders to strengthen their predictions of interest rate cuts by the Federal Reserve in the coming months. This sentiment further boosted the bullish trend in Cardano's market performance.
The resurgence of ADA demonstrates the resilience and potential of this popular cryptocurrency amid market uncertainty. As Cardano enthusiasts closely watch its trajectory, the significant increase in market capitalization indicates renewed confidence in ADA's investment potential.