Cardano's price has recorded a 9.19% increase over the last day and a 31.78% increase over the last week.
The crypto price is rising in anticipation of the launch of the first decentralized cryptocurrency exchange SundaeSwap on the Cardano network.
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The developers of SundaeSwap have announced the full launch of the trading platform on the Cardano network will take place on January 20. The platform will allow users to earn cryptocurrencies through yield farming.
In early September last year, the Alonzo hardfork was launched on the Cardano network, which added the ability to create smart contracts and decentralized applications (dApps) to the crypto’s blockchain. Afterwards, the altcoin ranked third in the rankings of the largest cryptos by capitalization. Since then, Cardano's price has fallen by 50%.