Cardano pumps ahead while other cryptocurrencies crashed as now ADA is the third-biggest cryptocurrency by market cap, overtaking BNB as we are reading more in our latest ADA news.
Cardano increased in price by about 600% since the year started and it is one of the tokens that performed well at the moment and there are two reasons for the great performance. ADA which is the native cryptocurrency of the Cardano blockchain, surged 1% in the past week, 269% in the past month, and about 2633% in the past year. With all that momentum, ADA managed to become the third-biggest cryptocurrency by market cap.
Today, it kept going to $1.28 while the rest of the market lingered in the red. BTC fell 15% and ETH got down to 22%. Apart from DOGE, the price continued upwards thanks to Elon Musk’s tweets, while Cardano became the best-performing asset in the top 20 according to the data by Nomics. DOGE performed well despite not being listed on Coinbase which is a huge gateway for US investors. After the Mary hard fork, Cardano will become a decentralized MA smart contract platform as Tim Harrison of IOHK wrote with the primary developments team behind ADA.
Smart contracts and NFTs are all coming to the network and it could seem like a huge deal given that ETH is often compared to ADA which has all of these things. Blockchain projects often get upgrades and integrations with new features and there’s no solid evidence that investors are pricing into the decision-making project while ignoring the developments on other networks while Cardano gets introduced to NFTs at a time of mainstream media attention.
Polkadot and other recipients of the FD7 investment that is down 13% so it is not likely that the bullish ADA market will attribute to that either. Cardano founder Charles Hoskinson doesn’t know what’s behind the momentum right now:
“If I knew why the prices behave the way they do, then I’d be a trader, not a builder. I’m focused on the growth of the Cardano ecosystem and the realization of our industry’s use and utility in the developing world.”
Cardano pumps ahead and it’s slowly becoming the preferred choice of the traders.
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