Cardano marked double-digit gains at its exit from $0.3 range
According to data posted by cardano dailyCardano has traded around $2.3 billion in its market cap over the past few days, outperforming many blockchains.
Cardano (ADA) was a top gainer among the top 10 cryptocurrencies, rising as much as 15% on Oct. 26. This follows on-chain analytics firm Santiment noting that Cardano has never been undervalued the way it was since January 2019.
On October 22, Santiment wrote, “Cardano now sits at its lowest relative position relative to its actual value since January 2019. This is a sign of undervaluation based on average trader losses. Doubled in months. MVRV Z-score reached this level.”
After weeks of sideways trading, Cardano marked double-digit gains at its exit from the $0.3 range. In addition, Cardano added over $2.3 billion to its total market value as it demonstrated a 16% increase in the last seven days. Cardano currently retains the position of eighth largest cryptocurrency in terms of market capitalization, according to CoinMarketCap data.
Cardano’s social engagement up 12.78%
According to Cardano Daily, apart from Ethereum, which recorded $3.3 billion in inflows in seven days, Cardano outperformed the Layer 1 blockchain, seeing the biggest growth.
Cardano also saw encouraging social statistics in the past seven days. According to LunarCrush, Cardano’s social mentions spiked by 8.44%, while its social engagement rose by 12.78%.
At the time of publication, Cardano had erased most of its recent gains, down 1.21% over the past 24 hours at $0.40.
As reported by U.Today, Cardano is currently going through a network activity and daily transaction bull run. The Cardano NFT sector has gained the spotlight in recent weeks as NFT volumes hit new milestones.
