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The Cardano cryptocurrency is currently in the limelight, growing 25% in the last seven days. Photo: Getty
The cryptocurrency market kicked off in 2023 shrugging off the tragedies of the previous year, with some tokens posting double-digit gains in the past week.
Top 10 cryptocurrencies such as ethereum (ETH-USD) and cardano (ADA-USD) turned green this week, with bitcoin (BTC-USD) also rising steadily year-to-date.
Check: Live Crypto Prices
On Wednesday, the cryptocurrency’s market capitalization was $895 billion ($738 billion), up about 1% in the past 24 hours, according to Coingecko.
Bitcoin was above the $17,000 mark, up 4.7% in the past week to hit $17,468 at the time of writing.
Ethereum, the second-largest cryptocurrency by market capitalization, posted gains of more than 10% last week to $1,336.
Read more: How crypto fell to earth in 2022: Eight charts that tell the story of a cruel crash
Memecoin dogecoin (DOGE-USD) surged 9.5% in the past week to $0.077.
Cardano made the most gains with a 25% rise in the past seven days to $0.316.
Cardano founder Charles Hoskinson took to Twitter to discuss the rally.
Referring to an upcoming update for the smart contract blockchain, he said, “Just wait for CIP 1694 and MBO to unlock the community.
“Millions of people working together for growth and usefulness.”
Cardano’s “Voltaire upgrade” will see millions collaborating for the growth and utility of ADA, the native blockchain cryptocurrency, according to Hoskinson.
But the rally at the start of the year was overshadowed by signs of poor health in the booming industry.
Coinbase (COIN) has been forced to downsize and is closing most of its operations in Japan as part of a move to adjust international investment amid a collapsing digital asset industry.
The crypto market took a reputational hit in 2022 after the collapse of the FTX cryptocurrency exchange.
Read more: Crypto: Can stablecoins retain dollar peg after Terra debacle?
The Bahamas-based exchange imploded in early November 2022, bringing down former crypto mogul Sam Bankman-Fried.
The story continues
This added to the difficulties in the industry after the fall of Terra’s UST algorithmic stablecoin in the summer of 2022.
The fall of Terra led to the collapse of several crypto companies and led to a collapse in the sector’s combined market capitalization, which fell by more than $2 billion in 2022.
Watch: Web3 sectors to watch in 2023 | The Crypto Mile
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