Cardano rose 30% in a week, overtaking Stellar in market capitalization

Cardano has recaptured its position in the cryptocurrency rankings following a rapid recovery, overtaking Stellar to reclaim 13th place by market capitalization, just behind Zcash. Only a short time ago, Stellar’s impressive surge had pushed Cardano down, but the tables have turned again amid the latest price movements over the past week.

Divergence drives Cardano’s rally

Stellar had surged by 76% within a single week, temporarily surpassing Cardano. A critical factor behind this rise was the announcement of a potential partnership between the Stellar Development Foundation and DTCC, a prominent Wall Street post-trade infrastructure provider, to collaborate on tokenization initiatives. DTCC is widely regarded for delivering post-trade services across global financial markets.

Meanwhile, Cardano posted a 30% rally over the past seven days. According to data provided by Santiment, Cardano’s climb was primarily triggered by a clear divergence from the broader market trend, allowing it to stand out among other digital assets.

Accumulation follows last month’s sell-off

Last month, ADA faced pronounced downward pressure, dropping to levels not seen since 2020. This decline fueled widespread fear, uncertainty, and doubt in the market, exacerbated by Hoskinson’s public expressions of concern over Cardano’s outlook.

However, the sharp pullback provided an accumulation window for contrarian investors. The recent addition of 14,783 new active ADA wallets to the Cardano network has accompanied the recovery, as on-chain data signals renewed interest from both new and existing holders.

Midnight initiative deepens blockchain integration

Hoskinson also unveiled new details regarding the Midnight project. He explained that Midnight is being designed to boost interoperability across blockchains, supporting Bitcoin, Ethereum, Cardano, Avalanche, Solana, BNB, and XRP ecosystems in its first phase.

Mini glossary: Interoperability refers to the seamless transfer of data and assets across different blockchain networks. Tokenization involves representing real-world assets or financial instruments as digital tokens on a blockchain.

These developments indicate that Cardano’s recent price recovery is not only driven by short-term trading, but also supported by its technical roadmap and ecosystem expansion, which remain closely watched by investors.

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