The rapid increase in market cap skyrocketed Cardano (ADA) from ninth to seventh position on the list of the top 10 largest crypto assets.
Cardano (ADA) has been reaching impressive heights since the start of the year, as evidenced in its Q1 2023 report. The report reveals that Cardano’s market capitalization increased by a massive 53% in the first quarter of the year, while its total value locked (TVL) surged by 173% within the same time frame.
Messari, a crypto market intelligence provider, shared this report in its latest “State of Cardano” publication. The report also disclosed that the Cardano network witnessed a rapid 261% increase in its stablecoin volume in Q1 2023.
.@redvelvetzip’s State of @cardano Q1 23′ report ⬇️
+$ADA’s market cap up 54% QoQ
+Total value locked (TVL) denominated in $USD on Cardano grew 172% QoQ
+@Indigo_protocol’s $IUSD and @DjedStablecoin $DJED drove stablecoin value up 261% QoQ
FREE report link in the next tweet👇 pic.twitter.com/78MAg7npp9
— Messari (@MessariCrypto) April 18, 2023
The report indicates that ADA’s market capitalization was $8.6 billion at the start of this year, swiftly surging to $13.2 billion in just three months, representing a notable 53% increase. Data from CoinMarketCap corroborates these findings. This suggests that money is flowing into the asset.
ADA has moved up to the 7th spot on the list of the top 10 largest assets due to the remarkable surge in its market cap. ADA has overtaken Dogecoin (DOGE) and Polygon (MATIC). ADA’s market cap now stands at $14.7 billion, which is $2 billion greater than Dogecoin’s current valuation of $12.6 billion.
The Cardano network has also observed a marked uptick in adoption, as evidenced by the rapid increase in its addresses. Cardano added up to 49,000 new addresses in March and over 79K non-zero addresses in Q1.
Cardano Sees a Surge in TVL and Stablecoin Volume
Additionally, during Q1, Cardano’s total value locked (TVL) in USD surged by a whopping 172%, rising from $50.8 million to $138.2 million. This increase was primarily propelled by protocols such as Minswap and Liqwid Finance, as well as the network’s stablecoins, iUSD and DJED.
Moreover, Cardano’s TVL in ADA continued to hit new heights throughout the year’s first quarter, ending Q1 with an all-time high of 360.55 million ADA. TVL has so far increased to 368.42 million ADA as of press time, with Minswap, Indigo, WingRiders, DJED, and Liqwid being the major contributors to this growth.
Cardano’s stablecoins, iUSD and DJED, which launched in November 2022 and January 2023 respectively, have contributed to an increase in investors’ interest, leading to a massive boost in the network’s stablecoin volume as well as its overall TVL. DJED has a current TVL of $16.43 million.
Besides these metrics, ADA’s price also experienced significant growth during Q1 2023, as it closed the quarter with a 54% increase, rising from $0.2464 on January 1 to $0.3816 on March 31. The value of ADA has continued to surge since then, currently sitting at $0.4228 at the time of writing, which represents a 71% increase from the value if started the year with.