Cardano Leading Token in Crypto Market Recovery

Cardano, which is in the top 10 coins by market capitalization, has been a leading token in the crypto market recovery that took place over the weekend. The platform has announced Cardano’s Alonzo test deployment.

While the total capitalization of the crypto market only increased slightly on Sunday 30th, Cardano’s cryptocurrency (ADA) experienced gains as high as 32% days after the deployment of the Alonzo testnet on May 27th.

According to CoinGecko data, ADA has been the most consistent earner over the past 7 days among the biggest 10 cryptocurrencies by market capitalization, only slightly behind BNB in terms of overall gains.

Cardano Flys Higher

Cardano had been one of the top-performing cryptocurrencies before the recent market crashes, having reached its all-time high of $2.46 on May 16th before seeing its value drop by more than 50% over the next few days.

The previous success behind the cryptocurrency had been the result of its scientific approach toward scalability and performance, which allowed it to become one of the biggest Ethereum contenders along with networks like Binance Smart Chain and Polkadot.

The network also announced on May 23rd that it had reached the 1 million ADA wallets mark, with more than 70% of existing ADA being staked across more than 2.5k pools.

IOHK Launched the First Testnet in Alonzo Rollout

Input-Output Hong Kong (IOHK), the company founded by Charles Hoskinson to drive the development of Cardano, announced on May 27th that it had successfully deployed the first testnet in the Alonzo Rollout.

Also named Alonzo Blue, the testnet is the network’s early alpha network designed to provide the core network functionality for the Alonzo node.

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