Cardano (ADA) has risen 93% over a seven day period leading up to Sunday.<\/p>\n
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.<\/p>\n
Daniel Wolfe of Moscow-based Halycon Global Opportunities, a crypto fund, told Forbes that Cardanos 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.<\/p>\n
Wolfe pointed to a co-founder of Cardano also having co-founded Ethereum (ETH) a reference to entrepreneur and mathematician Charles Hoskinson.<\/p>\n
The cryptocurrencys price under a dollar has been a reason why it has also attracted investor interest, according to Forbes.<\/p>\n
Why It Matters: Launched in December, Cardanos third phase Goguen was focused on the integration of smart contracts into the blockchain.<\/p>\n
The addition of a multi-currency ledger will also extend the usefulness of the blockchain further, as per the Cardano roadmap.<\/p>\n
Cardanos 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.<\/p>\n
ADA traded at $0.6475 at press time. BTC, the apex cryptocurrency by market cap, traded 1.08% lower at $38,277.30and 14.91% higher on a seven-day trailing basis.<\/p>\n
See Also: How To Buy Cardano<\/p>\n
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.<\/p>\n
ADA is often touted as a so-called ETH killer.<\/p>\n
Grayscale Bitcoin Trust (OTC: GBTC) traded 0.21% lower at $37.88.<\/p>\n
See Also: Dogecoin Hits New All Time-High As Elon Musk Takes Twitter Frenzy To A New Level<\/p>\n
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n
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Originally posted here: 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. Continue reading
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