Blockchain platform Cardano’s local presence, ADA, has gained up to 52 percent after hitting $ 0.95 earlier this week.
As of Wednesday, the token had reached an intraday high of $ 1.48 before dropping slightly to $ 1.35-1.44.
We can say that traders flocked to the Cardano market after the correction after Bitcoin broke a record of over $ 61,000.
ADA offered an ideal space against top cryptocurrency after being listed on Coinbase Pro, a US-based digital asset trading platform. The notable rise of ADA came from the ongoing frenzy surrounding NFTs. Cardano allows users to create these assets on the blockchain after the last “Mary” update.
However, Cardano has risen pretty quickly to make it into the top three crypto lists. Just three months ago in December 2020, ADA was trading at just $ 0.14. Because of this, the price has increased 10 times in less than 100 days.
Cardano founder Charles Hoskinson recently spoke about the ADA price hike and Cardano’s growing popularity in an interview with Bloomberg. In the interview, Hoskinson made notable claims that Cardano’s security and governance was superior to Ethereum. He also added that Cardano is suitable for real-world applications such as supply chain monitoring and voting. In another ambitious statement, Hosking added that more than 100 companies “plan to move from Ethereum to Cardano once functionality matures.”