Cardano climbed the charts to hit another landmark this year after hitting the $1 mark for the second time in his career. The last time ADA did so, Cardano had risen up to an all-time high value of $1.40 in the first week of January 2018. Since the beginning of February, however, the crypto asset has risen by an astounding 200 per cent, a testament to its buoyant momentum this year.
At the time of writing, ADA was selling at $1.04, with the cryptocurrency hitting the $1 mark on the back of a 15.5 percent hike in a matter of two hours.
It should be noted here that the ADA Bull Rally was not without substance, with developers continuing to integrate new improvements to the ADA ecosystem.
Cardano trumped fellow alts after Mary hard fork
Dislodging XRP from the top four of the rankings, ADA enjoyed a lot of momentum after the Hong Kong Input Output (IOHK) team revealed the “Mary” update, bringing the blockchain closer to its Goguen age.
After the implementation of the “Mary” hard fork, developers will be able to build user-defined native tokens that can be used on the Cardano network. In addition, other projects will also be able to move to the ADA blockchain, demonstrating the layer of interoperability between multiple chains.
Acting on community curiosity and price appreciation, Binance Exchange also launched Cardano’s services on its website, and according to the announcement, users will be able to receive up to 24.79 per cent of APY.
The growing traction of ADA was also illustrated by the fact that Santo Blockchain Labs, alongside DNA Brands Inc., is preparing to move from Ethereum to Cardano. On 9 February, the company announced that it had switched to Cardano due to improved “economic and technical benefits.”
What do the on-chain signals say?
The bullish momentum in Cardano’s market has been illustrated by a host of on-chain signals. For example, according to IntoTheBlock, Cardano’s Net Network Growth blinked at 5.51 per cent. The metric in question “tracks the variation relative to the total addresses of the previous week, optimising the thresholds considered to be bullish or bearish by the nature of each asset.”
Although the Regular Active Addresses of Cardano continued to spike, according to the Crypto-Analytics website, 100% of the holders of Crypto-Assets are making money at the current price level.
It should be noted, however, that while organic advances have helped, ADA continues to share a substantial relationship with Bitcoin, the world’s largest cryptocurrency.
What this also means is that if the King coin falls on the charts, ADA would be vulnerable to corrections.
What’s next after the $1 summit?
The value of $1 per ADA is astounding given that it was worth less than $0.20 at the beginning of 2021. However, the all-time high valuation remains ahead of Cardano and the likelihood of a new ATH is likely to increase after the latest bullish rally.
Cardano will break above $1.40 before the end of Q1 2021. The altcoin season is going to play a huge role here, with other crypto assets collectively holding the bullish momentum alive on the market.
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