ADA Token Surges 5% as Soft Staking Launch and Hydra Upgrade Drive Cardano Momentum

Cardano (ADAUSDT) has experienced a notable price increase of 5.10% over the past 24 hours, rising from an open of 0.5807 to a current price of 0.6103 USDT on Binance. This upward movement is attributed to several factors: the launch of Soft Staking for ADA on Binance, which allows users to earn daily staking rewards with full liquidity, has likely boosted demand and trading activity; additionally, Cardano's recent network developments, including surpassing 111 million on-chain transactions and the implementation of the Hydra Layer-2 scalability solution, have contributed to positive sentiment. Ongoing discussions about integrating USDC and USDT stablecoins, as well as broader market optimism surrounding potential ETF approvals and increased regulatory clarity, have also supported the price rebound.

Currently, ADA/USDT is trading with elevated volume, with Binance reporting a 24-hour volume of 104.55 million ADA (equivalent to 62.66 million USDT), and the overall market capitalization stands at approximately $21.53 to $22.31 billion. Cardano has shown strong short-term gains, with a 1.27% to 3.31% increase over the last day and an 8.12% rise over the past week, despite a 12.49% decline over the last 30 days and a significant 59% increase year-over-year.