Cardano has been knocked down the crypto top ten by market cap, with LUNA and XRP taking their place. However, the price of ADA has been climbing in recent months, and it may recapture prior highs as the market mood shifts optimistic.

Cardano (ADA) is trading at $1.20 at writing, up 30% in the last month. As a result, ADA is the best-performing cryptocurrency in market capitalization. The price of ADA has started rising after a multi-month decline that saw it go from an all-time high of over $3 to less than $1 in 2022. Several causes are fueling the present rise.

Also, read – Cardano’s founder talks about Web3 and Bitcoin’s comfort

According to IOG, Cardano’s principal developer, this involves the full implementation of smart contract capabilities, an increase in developer activity recorded by the network, and the enhancement of Cardano to make it more decentralized and scalable.

Above all, the variables above have resulted in an ecosystem boom. Hundreds of projects are being developed on Cardano, which might re-ignite the Ethereum Killer narrative.

Some of these projects were recently highlighted by IOG. The firm stated on its official Twitter account:

🌳 The #Cardano ecosystem is growing by leaps and bounds, with new players entering the ecosystem every day. Let’s start this week with a recap of the latest news & announcements from projects #BuildingOnCardano and contributing to its growth.

— Input Output (@InputOutputHK) March 28, 2022

Milkomeda is one of these efforts. This project, created as a scaling option for Cardano, will combine the network with Ethereum Virtual Machines (EVM) capabilities. On March 28, the Cardano project was unveiled. This network will be able to interface with other blockchains in the future, like Avalanche and Algorand.

It’s official, we are going Live!

Monday March 28th Milkomeda C1 Mainnet.

At: 11AM CST I 12PM EST I 5PM CET pic.twitter.com/C9ZLhofWz1

— Milkomeda (there is no token) (@Milkomeda_com) March 25, 2022

IOG also announced Ergo, a decentralized exchange that will launch on April 4 on the Cardano testnet. With the upcoming debut of Singularity’s converter bridge solution and real asset tokenization with the Indigo Protocol, this network will see even more practical applications.

📢Announcement for Indigo x Cornucopias!

🌏We’ve officially partnered with @CornucopiasGame to bring Indigo 3D Assets to the Metaverse.

🔹It is exciting to work alongside leading #Metaverse projects to offer a unique user experience for the future!

🔮Follow @Indigo_protocol pic.twitter.com/yKkGa6TWGM

— 🔮 Indigo | Synthetic Assets on Cardano (@Indigo_protocol) March 18, 2022

Cardano’s growth has exceeded expectations, and institutions are clamoring for more ADA.

Charles Hoskinson, the project’s creator, praised the project’s progress. Hoskinson forecasted a surge in the number of projects built on the network and the number of assets issued on Cardano in 2021. He stated that “millions” of both have exceeded his expectations on Twitter.

What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL https://t.co/mMHxwRrF96

— Charles Hoskinson (@IOHK_Charles) March 12, 2022

As the network prepares for another Hard Fork Combinator (HFC) event in the coming months, this number appears to rise. Hoskinson believes “Vasil” will cause another increase in the network activity, with a potential total value locked in (TVL).

As a result, ADA’s price may be able to maintain its rally in the medium to long run. Institutional investors may have picked up on this future trend, according to data from IntoTheBlock, as the number of addresses exchanging huge sums in ADA continues to rise.

@Cardano is experiencing increasing institutional demand

The volume of on-chain transactions >$100k has increased by 50x just in 2022

Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV

— IntoTheBlock (@intotheblock) March 29, 2022