Cardano (ADA) Skyrockets to New All-Time High Following 18% Daily Surge
The latest developments around the popular blockchain project founded by Charles Hoskinson have pushed the native digital asset to new highs. ADA has skyrocketed by more than 800% since the start of the year, and its latest ATH came at $1.7 earlier today.
Released in 2015 by the former Ethereum co-founder Charles Hoskinson, Cardano is an open-source, public blockchain platform. Following years of development, the project started to pick up speed in 2021 with numerous notable partnerships and milestones.
Cardano has been highly active in Africa as the team announced a few partnerships with countries from the region.
In the span of a few weeks, the project teamed up with the Ministry of Education of Ethiopia to create blockchain-based ID systems and later with Tanzania to provide locals with access to social, digital, and financial services through its network.
Cardano’s cryptocurrency has also enjoyed adoption from various organizations. Coinbase Pro added ADA for trading on its platform, Simplex enabled direct purchases with direct credit and debit cards, and, most recently, Kraken listed the token for staking with up to 6% returns.
Consequently, all the developments and the ongoing crypto bull market impacted the asset’s price quite massively.
ADA entered the new year at around $0.18. However, it took less than two months to expand by more than fivefold and break above $1.
Shortly after, the cryptocurrency went for a new all-time high and hadn’t looked back since. Just the opposite, ADA’s value has kept increasing and earlier today marked its latest record at around $1.7 (on Bitstamp).
Thus, the token’s year-to-date gains are over 830%, despite retracing slightly from its peak.
Cardano is currently the 7th largest cryptocurrency with a market cap of over $50 billion.