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Why Cardano Cryptocurrency Has Skyrocketed 93% This Week

February 7, 2021 11:06 pm
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Why Cardano Cryptocurrency Has Skyrocketed 93% This Week

Cardano (ADA) has risen 93% over a seven day period leading up to Sunday.

What Happened: ADA has pushed past the psychologically important $0.50 barrier amid high buying interest from investors. Smart contract platforms are seeing increased interest in general, with Ethereum (ETH) and Polkadot (DOT) seeing similar surges.

Daniel Wolfe of Moscow-based Halycon Global Opportunities, a crypto fund, told Forbes that Cardano’s blockchain is being “built and released in stages, based on a number of design principles. It allows for economic transactions that contain more information that is important for institutional investors, corporations and regulators.”

Wolfe pointed to a co-founder of Cardano also having co-founded Ethereum (ETH) — a reference to entrepreneur and mathematician Charles Hoskinson.

The cryptocurrency’s price under a dollar has been a reason why it has also attracted investor interest, according to Forbes.

Why It Matters: Launched in December, Cardano’s third phase “Goguen” was focused on the integration of smart contracts into the blockchain. 

The addition of a multi-currency ledger will also extend the usefulness of the blockchain further, as per the Cardano roadmap.

Cardano’s market cap is near touching $20 billion in market capitalization and is behind only Bitcoin (BTC), Ethereum, and Tether (USDT) at the number four spot, according to CoinMarketCap data.

ADA traded at $0.6475 at press time. BTC, the apex cryptocurrency by market cap, traded 1.08% lower at $38,277.30 and 14.91% higher on a seven-day trailing basis.

See Also: How To Buy Cardano

Cardano rival ETH fell 4.19% to $1,574.46 on a 24-hour basis and was up 20.67% in the seven-day period.

ADA is often touted as a so-called ETH killer. 

Grayscale Bitcoin Trust (OTC:GBTC) traded 0.21% lower at $37.88.

See Also: Dogecoin Hits New All Time-High As Elon Musk Takes Twitter Frenzy To A New Level

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