Cardano (ADA) saw a number of upgrades in the last few months, which brought not only new functionalities, such as smart contracts support, but also a massive increase in interest and usage. As a result, the project’s price skyrocketed, and so did its market cap, allowing it to become the 4th-largest cryptocurrency.
Now, ADA also seems to have attracted a new major supporter — Galaxy Digital’s Mike Novogratz, who is well-known in the crypto world for his undying support for Bitcoin.
Cardano’s surging market cap attracts major interest
Novogratz first expressed his interest in Cardano in a recent tweet, when he addressed the community, asking about the bull case and use cases of the project. He also addressed Cardano’s massively increased market cap, which sits at $37.3 billion at the time of writing.
Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.— Mike Novogratz (@novogratz) March 9, 2021
He asked if anyone builds on Cardano’s network, or uses it, asking why is the market cap so high all of a sudden. He confessed that he never traded Cardano in the past, which makes it one of the few coins that he avoided until now.
However, given that ADA has a daily trading volume of over $5.1 billion, there is little doubt that the project is seeing more than a little usage.
Novogratz delves deeper into the crypto world
As mentioned, Novogratz is no stranger to the crypto industry. He is known for supporting Bitcoin and Ethereum, and he was among the first big names on Wall Street to enter the crypto industry.
However, he did not stop at the major coins, as he also developed an interest in the DeFi sector. He mentioned liking projects like Aave and Chainlink, stating that he believes they could make major waves in the crypto world.
Apart from them, he seems to be intrigued by Compound, yearn.finance, and also UNI, the native token of the world’s largest DEX, Uniswap.
However, when it comes to Litecoin and Dogecoin, Novogratz is quite skeptical and suspicious of the projects.
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