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Cardano: The Rising Phoenix

CryptocurrencyMay 14, 2021 10:31AM ET
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Cardano: The Rising Phoenix

  • Cardano has finally broken through the glass ceiling to reach its all-time high of $1.83, leapfrogging Tether to rank as the fifth-biggest cryptocurrency by market capitalization.
  • This increase in value raises Cardano’s market cap to over $57 billion, a 33.86% growth in the last seven days.
  • A series of positive fundamental indications have contributed to Cardano’s recent run.
  • Cardano continues to gain popularity in Africa and countries like the Netherlands, Ireland, and Australia following the deployment of its smart chain abilities in several scenarios.

For a while, Cardano seemed to have been stuck in the doldrums of being unable to exceed its previous all-time highs, but a series of spectacular events and partnerships have turned the tide for the cryptocurrency.

Cardano gained a whopping 33.86% within the last week, which has resulted in the digital asset breaking past its previous highs. As the cryptocurrency gains a slew of supporters around the world, strong partnerships are being forged that will see the crypto being used in a myriad of ways.

Cardano Hits A New Record

Cardano is basking in the euphoria of a historic price rally that has brought its all-time high to $1.83. Founded in 2017, the open-source project describes itself as a blockchain platform designed for change-makers to bring sustainability to a decentralized platform. True to its goals, Cardano has found wide applicability in various sectors, and the widespread adoption of the cryptocurrency may account for its positive figures.

Cardano’s recent run of form brought its market capitalization to highs of $57 billion, leapfrogging Tether in the process. A series of developments and innovations have contributed to the recent price increase experienced by Cardano.

The proposed Alonzo upgrade, designed to introduce smart contract functionality on the blockchain, is one such innovation that has contributed to the buzz. According to IOHK, the deployment of Alonzo on the blockchain is already underway, and users will have the opportunity to test the features through May and June.

Another important milestone for Cardano is the announcement by the crypto-exchange platform Kraken that ADA staking is now live on the exchange. That triggered excitement among users, providing them with yields of up to 6%. Because of this, the next major target for Cardano is the $2 mark.

On the Flipside

  • While Cardano has made huge leaps in the last few weeks, analysts are predicting a price correction of up to 16%.
  • That will be triggered by sellers looking to take profits, sending prices to the resistance level.
  • The pullback is expected to come after bullish momentum sent ADA up by more than 45% in just five days.

Surging Popularity And Partnerships

Data trickling in from Google (NASDAQ:GOOGL) Trends suggests that there is a renewed interest in Cardano. This interest reached a crescendo in the last few months, with the Netherlands, Ireland, and Australia contributing the most.

While price and popularity are at an all-time high for Cardano, IOHK, the team behind the cryptocurrency, have gone on to forge important partnerships. Most recently, Cardano entered into a partnership with Ethiopia to merge blockchain technology with the country’s educational sector.

This move is designed to track the educational performance of over five million students, making it a partnership of immense proportions. Cardano has also been deployed by agricultural companies to keep a solid track of products and provides the capabilities for retailers to be able to identify fake products.

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Cardano: The Rising Phoenix
 

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