Cardano overtakes Stellar after 30% rally
- Cardano rose about 30% over the past week, overtaking Stellar in cryptocurrency market rankings.
- The recovery coincided with growth in new Cardano wallets after a period of weak market sentiment.
- Cardano founder Charles Hoskinson said development continues on the Midnight interoperability project, which will connect multiple blockchain networks.
Cardano (CRYPTO:ADA) climbed approximately 30% over the past seven days, overtaking Stellar (CRYPTO:XLM) in cryptocurrency market rankings after recovering from a period of weaker price performance.
The rebound followed Stellar's recent rally, which came after the Depository Trust & Clearing Corporation announced plans to work with the Stellar Development Foundation on tokenisation initiatives, while Cardano regained momentum through renewed buying activity.
Blockchain analytics firm Santiment said Cardano added 14,783 new non-empty wallets during the recovery, suggesting increased network participation following a period of heightened market uncertainty.
Cardano founder Charles Hoskinson said development teams continue to work on the Midnight project, which is designed to support interoperability across Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), Cardano, Avalanche (CRYPTO:AVAX), Solana (CRYPTO:SOL), BNB (CRYPTO:BNB) and XRP (CRYPTO:XRP), while also stating that Solana-based memecoins will be supported within the ecosystem.
Cardano's latest gains followed a period of significant price weakness that saw the token fall to levels last seen in 2020, although ADA's market price was not materially affected following Hoskinson's latest comments.
Midnight is intended to improve cross-chain compatibility by allowing assets and applications from multiple blockchain networks to interact, forming part of Cardano's broader development strategy.
The latest recovery highlights improving sentiment toward Cardano after recent volatility, although future price performance will depend on broader cryptocurrency market conditions and continued adoption of the network's technology.
At the time of reporting, Cardano price was $0.1891.
