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Cardano (ADA) Price Smashes $0.50 Level: Possible Reasons for the Pump

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Fri, 02/05/2021 - 09:56
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Vladislav Sopov
Cardano (ADA), core native asset of Cardano blockchain, refuses to stop its impressive pump ahead of massive technological updates
Cardano (ADA) Price Smashes $0.50 Level: Possible Reasons for the Pump
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The ADA token continues to print new local highs amidst its massive pump. Today it hit the marvelous $0.50 level on some spot trading platforms. What is catalyzing this rally?

ADA price is over $0.5 for the first time since January 2018

Today, Feb. 5, 2020, the Cardano (ADA) price surged above $0.50. The last time ADA was so expensive was on Jan. 31, 2018. The ADA price almost tripled in the last month.

ADA price is over three-years highs
Image via Coinmarketcap

With this upsurge, Cardano (ADA) is the sixth most valued cryptocurrency ever in terms of market capitalization. Excluding stablecoin U.S. Dollar Tether (USDT), whose capitalization is controlled by Tether Limited, Cardano (ADA) is now in the top five.

ADA witnesses double-digit 24h upsurges for the fourth consecutive day. It should also be noted that the ongoing pump is followed by a massive trading volume. According to Binance's CoinMarketCap, it added a whopping 37.58% in one day and inches closer to the $4.8 billion level.

As such, the inspiring aggression of buyers can push the ADA price much higher: ADA's all-time high was registered on Jan. 4, 2018, at $1.33.

Mary hardfork, new Ouroboros and Project Catalyst3

February's ADA rally should be attributed to strong technical fundamentals. Yesterday, Input Output HK seamlessly activated Mary hardfork in testnet. As such, Cardano's (ADA) canary network is living under Goguen rules now. According to Tim Harrison, marketing and communications director of IOHK, this upgrade is crucial as it paves the way to the DeFi ecosystem on multi-asset Cardano (ADA).

Cardano (ADA) activates Mary testnet
Image via Twitter

Also, IOHK CEO Charles Hoskinson teased the major revamp of Cardano's consensus algorithm, Ouroboros. The new release, Ouroboros Omega, will summarize all 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.

Last but not least, a unique community-driven initiative, Project Catalyst, inches closer to the final rounds of its third iteration. According to the IOHK announcement, advisors are going to start evaluating participants' products.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)