Cardano Surges Back To $1 Level: What's Driving It Higher Today?

Cardano (CRYPTO: ADA) traded 12.3% higher at $1.09 over 24 hours late on Wednesday. The token has crossed the psychological $1 barrier for the first time in more than a month.

                            Cardano Price Performance

See Also: How To Buy Cardano (ADA)

Why Is It Moving? Cardano was founded by Charles Hoskinson, who is also a co-founder of Ethereum ETH/USD. It is the native token of its namesake proof-of-stake blockchain platform and seventh-largest cryptocurrency by market capitalization.

Cryptocurrency exchange Coinbase Global Inc. COIN said Wednesday is now offering staking for Cardano as part of the company’s efforts to offer more ways for customers to earn crypto rewards.

Coinbase already provides staking services for some other cryptocurrencies including Ethereum, Algorand, Cosmos and Tezos.

In addition, Cardano developer Sebastian Nagel announced the release of the first version of the hydra-node that can connect to the public Cardano testnet. This marks a major milestone for Cardano’s Layer 2 hydra solution.  

This is our first version of hydra-node which can connect to the public Cardano testnet - version 0.4.0!

It's still a bit tricky to set up, there be dragons and footguns. We aim to improve on the situation with 0.5.0 and many more releases to come. https://t.co/Ql8Xe8ZFNx

— Sebastian Nagel (@ch1bo_) March 23, 2022

Meanwhile, blockchain intelligence firm IntoTheBlock noted that large holder addresses are increasingly continuing to accumulate Cardano.

$ADA soars by 10% over the last 24hours as the accumulation patterns continue

The addresses by holding indicator show an increasing accumulation across the board in the different brackets

Addresses holding 10-100 and 100k-1m ADA increased their balance by 12% and 11% in 30 days pic.twitter.com/Y8ab2dXLWs

— IntoTheBlock (@intotheblock) March 23, 2022

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