Why Cardano rose while other cryptocurrencies fell

We take a look at why Cardano sees progress amid the general cryptocurrency slump caused by Bitcoin

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It was trading slightly higher at press time. ADA outperforms Bitcoin

Love ethereum

, listed in red.

What happened: ADA was trading up 0.15% at $1.03 at the time of publication. BTC and ETH fell 7.79% and 8.58% to $46,060.24 and $1,469.55, respectively.

Cardano appears to have found its footing, falling to a weekly low of $0.82 following news that members of the Venus Protocol community have approved the proposal to add ADA as a digital asset on Venus.

VIP-9 has been approved and is running! @CARDANO will be available as a digital asset on #VENUS!

Start a business: https://T.CO/CASPHDZOLQ https://T.CO/KCGHWRPLFB

— Venus (@VENUSPROTOCOL) February 23, 2021

Other developments pushing ADA higher include Dubai-based FD7 Ventures announcing Thursday that it plans to sell $750 million worth of BTC over the next 30 days to buy positions in ADA and Polkadot.

Why it matters: ADA futures open interest rises to 580 million, surpassing Litecoin LTC
As reported by Cointelegraph, it became the third largest derivatives market.

This month, Cardano transformed its blockchain into an ETH-like multi-asset network following a hard fork.

According to Cointelegraph, this is one of the factors driving the price movement of ADA. The cryptocurrency has surged 484.06% since the beginning of the year.

So-called “Ethereum killers” like ADA or Solana Sun

Their DeFi (decentralized finance) utility or smart contract capabilities are attracting more and more attention.

We take a look at why Cardano sees progress amid the general cryptocurrency slump caused by Bitcoin