$ADA on the brink of new highs as Cardano TVL hits a record $400 million ⋆ ZyCrypto

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Cardano makes huge gains today and leads the pack. The crypto market continues its upward movement as the market cap exceeds $2 trillion. Powell warns of more aggressive rate hikes.

Despite warnings of incoming interest rate hikes, the crypto market is continuing its moderately bullish trajectory. Today, Cardano’s ADA leads the pack in gains in the top 10 crypto assets by market cap.

Cardano posts strong profit

A look at the interface on Coin360 will show you a lot of green. That’s because a large portion of assets are maintaining their upward gains. The trend has continued despite the Fed raising interest rates for the first time in nearly 4 years.

According to data from CoinMarketCap, Cardano made the highest gains for crypto assets in the top 10 by market capitalization today. At the time of writing, ADA is currently up 9.18% in the last 24 hours and 22.97% in the last 7 days. In weekly wins, it is topped only by Avalanche’s AVAX at 26.7%. Notably, it is still trading below $1, currently around $0.98.

Meanwhile, Bitcoin, Ethereum, BNB and Solana are up more than 3% today. At the time of writing, the assets have posted gains of 4.72%, 3.77%, 3.33% and 4.84% in the past 24 hours, respectively.

Cardano’s price isn’t the only thing posting strong gains; the total value locked (TVL) across the network’s DeFi ecosystem also increases. Data from DeFi Llama shows that TVL over Cardano’s DeFi protocols is up 11.97% in the past 24 hours. The TVL currently stands at $405 million (including governance tokens deployed). Minswap remains the dominant protocol with 62.19% of the TVL on the protocol, followed by SundaeSwap, both protocols at around $194 million and $113 million respectively.

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Cardano’s TVL has continued to grow exponentially in recent weeks. In a tweet 10 days ago, Charles Hoskinson explained that the TVL still had huge potential on the upside as many DApps in development were waiting for the Vasil hardfork in June. Data from Cardano’s development team shows that more than 550 DApps are currently being developed on the platform.

Crypto capital inflows continue despite Powell’s warning of aggressive rate hikes

More money continued to flow into the crypto market. After doing so earlier this month, the nascent market again hit the $2 trillion level.

Fed Chair Jerome Powell hinted in his speech yesterday that the Fed would continue to raise interest rates despite the conflict in Europe. Powell said: “We will take the necessary steps to ensure a return to price stability. In particular, if we conclude that it is appropriate to act more aggressively by raising federal funds rates by more than 25 basis points at a meeting or meetings, we will.”

Analysts at Goldman Sachs infer from yesterday’s Fed Chair speech that interest rates are likely to be raised more aggressively than expected. As a result, they have warned investors to expect interest rates to rise by 50 basis points during the next two FOMC meetings.

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