Cardano (ADA) is the best-performing major cryptocurrency this week, as hype over its upcoming Vasil Hard Fork attracted traders and developers.
The token is up 24% in the past seven days, trading at $0.562. It has performed vastly better than the top-50 cryptocurrencies this week.
A slew of factors benefited ADA’s rally this week. The most prevalent of them is the Cardano blockchain opening a new Ethereum bridge, which allows users to migrate the stablecoin USDC to Cardano.
Traders also bought into ADA as it traded at near one-month lows of $0.46, representing an attractive valuation.
Whales provide the latest boost to ADA
Data from blockchain analytics firm Santiment shows that the token’s latest rally is driven by a surge in whale buying. Whale activity saw a spike on Friday, with about 160 whale wallets transacting on the chain in the span of a few hours.
