At press time, Cardano price is trading around $ 0.4175, up more than 18% over the past 24 hours, recording a 21% gain over the past seven days. So, what is the cause of this price increase?
What technology and market dynamics could be behind Cardano price massive rally?
The ADA price has hit $ 0.4 for the first time since February 2018. And not too long ago, ADA spiked above $ 0.42 across all major spot trading platforms. The last time such a high price point was in early February 2018.
By 2021, the Cardano price increased by 133.5%. Compared to Black Thursday’s low on March 13, 2020, Cardano has grown 18 times. This impressive result was achieved by Cardano amid a strong altcoin season that catalyzed the prices of all major caps. Yesterday, Binance Coin recorded a new all-time high above $ 51, while today, Ethereum is changing hands at a record price.
This demonstration was started by two magic pumps of Dogecoin and XRP. The DOGE pump is perhaps the fastest 1,000% run in the history of the cryptocurrency market, taking less than 24 hours. According to some analysts, DOGE traders’ profits have inspired short but strong bull runs for XRP.
For Cardano, these price movements are followed by the Cardano Blockchain platform. Yesterday, February 1, 2021, Input-Output Honk Kong introduced a new authorization hub in its Daedalus 3.2.0 wallet. It helps ease ADA token authorization process for the betting pool.
Additionally, on February 3, 2021, its public test network is set to be enabled. The respective proposal was successfully submitted to Cardano’s codebase three days ago.