Cardano has returned to the Top 10 cryptocurrencies by market capitalization after a broad crypto rally, which saw major cryptocurrencies post their recent strongest weekly gains, lifted its price by as much as 8%.
In the past week, Cardano had exited the Top 10 cryptocurrencies by market capitalization as Hyperliquid outperformed. Cardano previously ranked as the 11th largest cryptocurrency by market capitalization before returning to 10th place.
Cardano has a current market capitalization of $10.34 billion and ranks as the 10th largest cryptocurrency, surpassing Hyperliquid, which has a current market value of $10 billion.
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Cryptocurrencies started the week on a strong footing as equities bounced, with most digital assets adding to Sunday gains in morning U.S. trading.
Altcoins have outpaced Bitcoin over the past 24 hours. Cardano rose by as much as 9%, while Bitcoin only rose 3%, indicating renewed appetite for higher risk crypto assets.
Open interest (OI) in ADA futures increased by as much as 19% to $508.67 million, leading growth among major cryptocurrencies, while OI in Bitcoin rose just 7%.
The growth in OI in most major tokens is accompanied by positive perpetual funding rates and cumulative volume deltas. This setup indicates increasing demand for bullish leverage plays.
The altcoin market is currently optimistic, with the “altcoin season” index hitting 48/100, the highest in just over two months.
Cardano prepares for Van Rossem hard fork
The preparation for Cardano’s intra era hard fork to protocol 11, the Van Rossem hard fork, is currently ongoing, with Cardano Node 10.7.0 set to be released.
According to Intersect, the release of Cardano node 10.7.0 will be a starting point for ecosystem upgrades. This will be a major Cardano node release containing new features beyond the hard fork capabilities. There will also be iterative improvements for Cardano Node version 10.6.x.
The mainnet hard-fork-ready candidate release is expected to be an integration point for ecosystem tooling and will be used to fork Preview, PreProd and then Mainnet.
Dependent on performance results and integration testing, further minor releases may follow the release of Cardano Node 10.7.0.
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