Cardano has reached an all-time high in the recent wave of altcoin season. The currency is bringing some strong returns for its investors.
Cardano blockchain’s native currency ADA is surging along with many other altcoins. ADA’s rise was long-awaited by investors. The currency is closing in 0n $2. It has surged 4% in the past 24 hours. Besides, the 7-day price change is 24%.
At the time of this writing, ADA is trading at $1.70. It reached the record-high price of $1.73 earlier today.
Cardano is a proof-of-stake blockchain platform that facilitates smart contracts. It was founded in 2017. The native currency of the blockchain allows the holders to participate in different operations on its ledger.
In October 2017, ADA was made available for purchase on the market. During the 2017 bull run, the price of ADA reached $1 for the first time. However, it briefly plunged after the bull run was over.
ADA crossed $1 after three years in February 2021 following the rest crypto market bull run. Subsequently, it has broken the all-time high price record to reach the value of $1.70 on May 7th, 2021.
In this week, coins like ethereum, BNB, and Dogecoin have managed to reach record-high prices. Ether has gone beyond $3.5K. BNB is trading at $642 whereas, the meme currency DOGE is closing in on 1 dollar for the first time in history.
Today, ADA has also joined the league of rising altcoins. The upward surge of alts is due to an overall hype around crypto markets. With the start of 2021, the cryptocurrency bull run started with bitcoin breaking out of $30,000. At the moment, BTC is trading at $57K. Increasing institutional adoption and investor’s trust in the future of blockchain and defi is leading to increasing prices.
Investors are eyeing a $5 price mark for Cardano in the coming months.