Cardano (ADA) has enjoyed an extended bullish run recently with the token surging above the $0.50 mark. We look at some of the factors behind the recent rally.
ADA price topped $0.5 for the first time since January 2018
Cardano (ADA) price hit $0.50 yesterday, February 5 2021, and has stabilized above this mark at the time of writing. This is the first time that ADA will be trading at this level since January 31, 2018. during this latest bullish run, the price of ADA has almost doubled in the space of a month.
ADA Chart. Source: Coinmarketcap
With this increase, Cardano (ADA) is the sixth highest cryptocurrency in terms of market value. With the exception of the US dollar Tether (USDT), a stable currency whose market capitalization is controlled by Tether Limited, Cardano (ADA) is now in the top 5.
ADA posted double-digit 24 hours growth for the fourth straight day. It should also be noted that there is a large volume of transactions after continuous pumping. According to Binance’s CoinMarketCap, it rose 37.58% in one day and was close to the $4.8 billion levels.
Hence, the aggressive behaviour of inspiring buyers can drive the price of ADA much higher: ADA’s historic record is higher than the record price of $1.33 on January 4, 2018.
Cardano (ADA) fundamentals: Mary hardfork, New Ouroboros and Project Catalyst
The February ADA rally should be traced back to a strong technical fundamental. Yesterday, I / O HK activated Mary Hardfork in testnet seamlessly. Therefore, the Cardano (ADA) Canary Network is currently subject to the Goguen rules. Tim Harrison, director of marketing and communications at IOHK, said this upgrade is critical as it paves the way for the DeFi ecosystem on Multi-Asset Cardano (ADA).
Additionally, Charles Hoskinson, CEO of IOHK, teased the substantial improvement to the Cardano consensus algorithm Ouroboros. The new version of Ouroboros Omega sums up all the milestones Cardano (ADA) has achieved since its inception:
“Omega is the convergence of all the ideas we’ve had over the last six years. It’s gonna be good.” Lastly, the unique Community sponsored Project Catalyst project is closer to the final rounds of the third iteration. According to the IOHK announcement, consultants will begin evaluating participants’ products.