ADA tokens wild price action has now made it the worlds third-largest cryptocurrency while Bitcoin and ethereum still focus on their worst week.
What major events led to the sudden price surge of cardano? while it's predecessors BTC and ethereum are still facing it's bearish blues.
Cardano, in the last few weeks, has been enjoying massive buying pressure amid the record sell-offs sighted in other crypto assets.
ADA Price 13% price rise in the past week, 269% in the last month, and a whopping 2633% in the last year. It has managed to grab the third spot while dominating the crypto market.
The native cryptocurrency of Cardano, ADA has said to have overshadowed Tether and BNB to move to third place.
While bitcoin and ethereum are struggling through a rough week where their prices fell by 15% and 22%. Surprisingly Cardano started off strong this morning managing to rise all the way to $1.33. Also, the token is making its place in the top 20 best-performing crypto assets this year as of the data from Nomics.
What’s the reason for the Sudden ADA Price Surge?
One of the most important events for Cardano, blockchain Mary hard fork 127, rolls out to bring a significant change in the Cardano ecosystem. As soon as the hard fork is complete Cardano will become a decentralized multi-asset and a user-defined token can be created where you can begin using your newly created assets.
Smart contracts, decentralized finance, and Non-fungible tokens which represent a huge range of digital assets could be used by the native assets to cash on. The timing is great for Cardano to introduce NFTs while it’s been in the spotlight for quite a time now.
Additionally, Dubai’s FD7 ventures are all set to offload bitcoins worth $750 million and use the revenue to increase positions in Cardano and polka-dot tokens.
Prakash Chand, the managing director at FD7 added that,
“Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.
Having said that, polka dot on the other hand is down by 13% this week.
Charles Hoskinson, the co-founder of ethereum, is concerned about the growth of the Cardano ecosystem and its contribution to the developing and dynamic world.