ADA rallied 5.2% following Charles Hoskinson’s announcement of Cardinal Protocol, which brings Bitcoin DeFi to the Cardano network.
By Parth Dubey
Editor Julia Sakovich
Updated
2 mins read
Cardano ADA $0.72 24h volatility: 2.5% Market cap: $25.96 B Vol. 24h: $783.44 M has seen a 5.2% price surge as its 24-hour trading volume jumped 40% on June 10, according to CoinMarketCap. This growth came shortly after Cardano founder Charles Hoskinson unveiled the Cardinal Protocol, which is the first Bitcoin DeFi protocol on the Cardano blockchain.
Welcome to the first Bitcoin DeFi protocol developed for Cardano https://t.co/CoYvrYnIfI
— Charles Hoskinson (@IOHK_Charles) June 9, 2025
Cardinal allows users to wrap Bitcoin UTXOs (unspent transaction outputs) into DeFi-compatible assets, enabling lending, staking, and borrowing.
Its core feature is the Wrapped UTXO primitive, creating 1:1 pegged assets that can be moved on-chain or with Ordinals, and later burned to release Bitcoin BTC $109 591 24h volatility: 0.2% Market cap: $2.18 T Vol. 24h: $34.24 B . Cardinal leverages Cardano’s eUTXO model, similar to Bitcoin’s, and utilizes a secure multisig setup (MuSig2) for locking Bitcoin, eliminating traditional custodial risks.
Unlike older wrapped BTC models, Cardinal is trust-minimized, allowing cross-chain use with Ethereum ETH $2 796 24h volatility: 4.5% Market cap: $337.47 B Vol. 24h: $35.62 B , Solana SOL $164.9 24h volatility: 4.1% Market cap: $86.53 B Vol. 24h: $6.00 B , and Avalanche AVAX $22.22 24h volatility: 2.8% Market cap: $9.37 B Vol. 24h: $562.42 M . Assets remain secure with no rehypothecation, and peg-in/peg-out processes are fraud-proofed.
Cardinal integrates BitVMX for verifiable off-chain logic and offers broad Ordinal utility: DeFi yield, collateral, auctions, lending, and more.
Though not yet production-ready, the first Bitcoin Ordinal has been successfully wrapped and unwrapped between Bitcoin and Cardano mainnets. Enhancements are in progress for the 1.0 release, as per the announcement.
We had a first ordinal wrapped/unwrapped on Bitcoin and Cardano mainnets. The protocol works but as mentioned in the paper we don’t consider it production-ready yet. Some improvements are incoming. Stay tuned for 1.0 version 🖖
— Romain Pellerin🇫🇷🇺🇸 (@rom1_pellerin) June 9, 2025
At the time of writing, ADA is trading around $0.698 with a market cap of $24.62 billion. On the daily chart, the RSI sits just below the neutral 50 line, suggesting weak momentum but potential for upside if bulls regain strength.
ADA price chart with RSI and Bollinger Bands | Source: TradingView
Meanwhile, the price is hovering just below the middle Bollinger Band (20-day SMA), currently around $0.7085, indicating a potential reversal zone.
The Bollinger Bands are narrowing, signaling an imminent breakout. A sustained break above the midline could lead the cryptocurrency to test $0.77 resistance.
#Cardano $ADA could confirm a bullish breakout with a sustained close above $0.77! pic.twitter.com/tY9vsF6VR6
— Ali (@ali_charts) June 9, 2025
According to popular crypto analyst Ali Martinez, ADA could confirm a massive rally if it closes above this resistance.
Last week, crypto investor Gordon said ADA will “moon hard” this cycle, eyeing a return to $1, a level last seen in March.
Love it or hate it, $ADA will moon hard this cycle. pic.twitter.com/48wpWAOseB
— Gordon (@AltcoinGordon) June 6, 2025
The Cardinal Protocol may just be the fuel needed to spark that rally.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
