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Cardano (ADA) Revisits Three-Year High, What Might Stay Behind Pump?

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Tue, 02/02/2021 - 10:57
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Vladislav Sopov
Cardano (ADA), native token of Cardano blockchain, is witnessing double-digit pump and targets levels unseen for many months
Cardano (ADA) Revisits Three-Year High, What Might Stay Behind Pump?
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Which technological and market drivers may stay behind the massive rally of Cardano (ADA)? And which milestones may be accomplished by the "Ethereum killer" in the near future?

Cardano (ADA) over $0.40 for the first time since February 2018

Today, Feb. 2, 2021, the price of the Cardano (ADA) token spiked above $0.42 on all major spot trading platforms. The last time it was so high was in early February 2018.

Cardano (ADA) price revisits 2018 highs
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In 2021, the Cardano (ADA) price added 133.5%. Compared to the lows of Black Thursday in Crypto (March 13, 2020), the Cardano (ADA) price increased 18x.

This impressive result has been achieved by Cardano (ADA) amidst a powerful "altcoin season" that catalyzes the prices of all large-caps. Yesterday, Binance Coin (BNB), native asset of leading crypto exchange Binance, printed a new all-time high over $51, while today, Ethereum (ETH) is changing hands at a record-breaking price.

Related
Dogecoin (DOGE) Comes Close to Flipping XRP After Soaring 1,000 Percent in 24 Hours

This rally was preceded by two marvelous pumps of Dogecoin (DOGE) and XRP. The DOGE pump was, probably, the fastest 1,000 percent run in crypto history, as it took less than 24 hours. According to some analysts, the profits of DOGE traders inspired a short but powerful upsurge of XRP.

New delegation interface released, testnet is on the menu

In regard to Cardano (ADA), these price fluctuations are followed by string technological background. Yesterday, on Feb. 1, 2021, Input Output Honk Kong introduced a new delegation center in its Daedalus 3.2.0 wallet. It eases the process of delegating ADA tokens to the staking pool.

With the new release, users stay tuned into changes in the delegation landscape while the whole delegation process becomes easier, more transparent and more flexible.

Also, on Feb. 3, 2021, its public testnet is set to be activated. The corresponding proposal was successfully submitted to Cardano's codebase three days ago.

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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.)