Cardano trading all-time highs with Alonzo upgrade coming closer
With only little time left before Cardano’s long awaited Alonzo upgrade will come live, the cryptocurrency has impressively surged to the number 4 spot on the list of cryptocurrencies. This comes roughly three and-a-half years after it established itself as a top 5 player.
Following a 20% surge in just 24 hours, it even stayed on third for a while trailing Bitcoin and Ethereum after reaching an all-time high of $2.37 according to CoinMarketCap data.
Fueled by rising trade volume across spot and derivatives exchanges Cardano (ADA) went pretty much under the radar in the past few weeks and months. This was also due to the massive attention its ‘competitor’ Ethereum received in (mainstream) media.
So what has been powering Cardano’s rise?
We have been seeing quite an increase in ADA staked in the past days compared to the past 30 days. This might imply a direct relationship between staked ADA and ADA’s price.
Although the crypto market has been down over the past 7 days, the Cardano network managed to grow 5%. We have been seeing less large transactions. Data shows that there is more retail getting in the game and purchasing ADA. Compared to other top altcoins such as ETH, BNB and DOGE, ADA is held by a smaller percentage of large “whales” which makes it less susceptible to large sell-offs. Unless we are seeing big drops in volume and sales, we can expect price to hold at its current price level.
Cardano’s has proven to be a good investment with an ROI of over 700% in the past year. The upcoming Alonzo upgrade which will finally add smart contracts to the network will make it a serious player in the game. In addition, many analysts believe that ‘alt-season’ is not yet over and there is more to come.
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