$Cardano (ADA) price continued its bullish trend this week as Bitcoin and other cryptocurrencies recovered and its DeFi ecosystem prospered. ADA jumped to a high of $0.4100 on Thursday, the highest point since April this year. It has soared more than 66% from this year's low, giving it a market capitalization of more than $13 billion.
Cardano, like other cryptocurrencies, has performed well in recent months. This rally came as the price of Bitcoin rose to an eighteen-month high of over $37,500. Bitcoin has more than doubled from its lowest point this year. Other coins like Avalanche, Solana, and Tron have also increased.
Meanwhile, data shows that Cardano's DeFi ecosystem is doing quite well. According to DeFi Llama, the network's total value locked (TVL) has increased to over $260 million. In ADA terms, the TVL amounts to more than 688 million coins, a few points below the all-time high of 684 million.
A closer look at Cardano DeFi dApps shows that most of them have seen their TVL increase by double digits in the last 30 days. Indigo's TVL has soared more than 66% to over $64 million, while Minswap, Liqwid, Optim Finance, and Astarter have retreated more than 60%.
This trend could continue if the cryptocurrency industry continues to perform well. In most cases, DeFi networks tend to thrive when cryptocurrencies are in an uptrend. Most of them saw their highest TVL in 2021, when all cryptocurrencies were thriving.
