Cardano (ADA) rebounds 10%, outperforms top 10 in gains CardanoADA CardanoCommunity ADA Cryptocurrency
, Cardano's price is up nearly 10% in the last 24 hours, outperforming the rest of the top 10 largest cryptocurrencies by market capitalization. The ADA price steadily declined to reach 15-month lows until support was met at around $0.735 on April 30, which halted the declines. ADA subsequently rose 17% to reach highs of $0.899 on May 4.
At the time of publication, ADA trades at $0.867, down from highs of $0.899 as traders pulled gains. Cardano's latest rebound seems to be supported by the historic and long-awaited rate hike by the Fed. On May 4, Cardano's stablecoin Djed also launched on the public testnet.believe that Djed's launch might serve as a real supply shock for Cardano.
Bitcoin and the majority of altcoins recorded significant gains as the Fed announced what would be the biggest rate hike in 22 years.
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