ADA Ranks Among This Week’s Top Crypto Gainers

This week, the cryptocurrency market was marked by new records and the spectacular rise of certain assets. ADA, the native token of the Cardano blockchain, stood out with a notable performance, exceeding the dollar threshold for the first time in five months.

ADA crosses the dollar mark and climbs in the rankings

In 24 hours, ADA rose 10.7%, briefly surpassing $1. Over seven days, the cumulative increase reached 26.8%, according to CoinGecko data.

This rise propels ADA to the rank of leader among the top 100 cryptocurrencies by market capitalization as of August 14. In a single session, no other major asset recorded such a significant rise. Over the week, ADA ranked fifth, behind only four other cryptos.

This increase occurred while bitcoin reached a new record above $124,000, and Ethereum stands only 3.6% below its all-time high. In this context, ADA also outperformed Justin Sun’s TRON (TRX), reclaiming a spot in the top 10 cryptocurrencies by market capitalization.

Impact of the Glacier Drop and technical resolution

A major event contributed to Cardano’s activity. This includes the launch of the Glacier Drop. Indeed, Glacier Drop is a two-month airdrop distributing NIGHT tokens on eight blockchains, including Cardano.

At the start of the operation, a software issue prevented Ledger wallet users from claiming tokens on Cardano. The Midnight Foundation quickly implemented a fix allowing these users to participate normally.

Among the blockchains included in this airdrop, Cardano posted the best weekly performance. Ethereum, in second place, advanced 23.5% over the same period.

Also, on the overall market, the momentum was more moderate. Outside ADA and Ethereum, Solana gained 17.1%. Additionally, BNB rose 10.8%, and bitcoin 3.9% over the week.

Other assets, such as the OKB token from the OKX exchange, showed exceptional gains. The asset recorded an increase of more than 160% following the announcement of a supply reduction. Finally, according to CoinGlass data, $481 million of positions were liquidated in 24 hours, split between $245 million in short positions and $235 million in long positions.