After falling to a low of $0.333 on March 12, the price of Cardano (ADA) experienced a swift recovery. After hitting intraday highs of $0.344, ADA was up 10.75% to $0.338 at the time of writing.
The top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both gained more than 10% in the most recent trading session to make up for all losses suffered over the previous two days when the crypto markets fell owing to problems at Silicon Valley Bank.
$221 million in shorts, or bets against price increases, were liquidated as a result of the market recovery over the past 24 hours, startling traders who had been expecting a market-wide crash.
Some cryptocurrencies were underbought or in the "opportunity zone," as reported, due to recent losses incurred as a result of the market fall.
In the area with the greatest potential for price growth, or the opportunity zone, Cardano first surfaced.
Ecology Exhibits Adaptability
The USDC and stablecoin depegging events over the weekend resulted in higher demand for Djed, according to COTI CEO Shahaf Bar-Geffen, who posted on Twitter on Sunday. He asserted that "Djed has held its peg and would do so" during the storm.
Djed is a stablecoin that has been overcollateralized and was created in association with COTI Network and Cardano developer Input Output Global (IOG).
1/5 The last few days have been quite rough for crypto and stablecoins in particular. However, $DJED held its peg throughout the storm. š§µ$SHEN $COTI @Cardano @InputOutputHK @IOHK_Charles #stablecoin
— COTI (@COTInetwork) March 12, 2023
Increasing demand for DJED reportedly resulted in record trade volumes on DEXes and a rise in DJED minting, according to a series of tweets from the COTI Network.
A major accomplishment, the first Multi-Hop swap carried out on Cardano DeFi, has been revealed by Cardano DEX MuesliSwap. According to a tweet, the deal involved the concentrated LP ADA/DJED and the constant-product LP DJED/HOSKY pairings.
