The value of Cardano increased by 22%, and the number of projects based on smart contracts grew on its network. The comments of Elon Musk once again boosted the price of Dogecoin, which skyrocketed by over 18%.

The crypto market is showing signs of recovery after the price of most altcoins dropped in the last week. The value of almost 70% of cryptocurrencies has recovered, with gains above 20%.

Cardano (ADA), which has rebounded by 22% after implementing its smart contract platform, leads the top cryptocurrencies. Concerning Dogecoin (DOGE), the memecoin received a 17% boost thanks to billionaire Elon Musk, who enabled DOGE payments on Tesla.

The value of Bitcoin (BTC) has risen again in the last seven days, after the fall it suffered in early 2022. That increase has oscillated in a range between USD 40,000 and USD 44,000.

According to market analysts, BTC reacted positively to the announcement by the US Department of Labor. They indicated that inflation in the North American country was 7% in the last year.

Bitcoin is currently trading at around USD 42,108 and has accumulated a 0.3% gain in the past week. Its daily trading volume is above USD 15.81 billion, and its market capitalization is about USD 795.54 billion, according to CinGecko.

In the last week, the price of Ether (ETH) has increased by 1.2%, reaching between USD 3,031.17 and USD 3,395.75. The burning of coins on the network reached a new all-time high of 19,424 ETH eliminated in a single day.

The Number of Projects Based on Cardano Smart Contracts Grow

The Input Output team, responsible for developing ADA, announced the progress of its new Cardano smart contract platform. Between December 13th, 2021, and January 13th, 2022, there have been 72 new projects.

John Woods, the director of Cardano Architecture,  said that new decentralized apps (dApps), decentralized exchanges (DEX), and DeFi apps would emerge. After that announcement, the price of ADA registered a significant increase within the framework of constant progress.

The cryptocurrency is trading at around USD 1.48 and has accumulated a 25% gain over the past seven days. Its daily trading volume is above USD 3.65 billion, and its market capitalization is about USD 47.43 billion, according to CoinGecko.

The Comments of Elon Musk Boost the Dogecoin Price Again

The original memecoin saw consecutive gains in the past week and hit a weekly high above USD 0.20. The billionaire owner of Tesla confirmed that they have started accepting DOGE for their accessories.

Besides the announcement from Elon Musk, the growth in whale activity has contributed to the rise in the memecoin price. WhaleStats data reveals that long-term holders have transferred more than 407 million DOGE.

Dogecoin is trading at around USD 0.16 and has accumulated an 11.4% gain in the last seven days. Its daily trading volume is above USD 935.06 million, and its market capitalization is about USD 22.25 billion, according to CoinGecko.

By Alexander Salazar


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