ADA News - Crypto Prices for Cardano
Here's where we take a look at ADA news, crypto markets and how Cardano is doing.
Bitcoin has been in a significant uptrend for several months, but other cryptocurrencies are starting to catch up.
Cardano, for example, has seen a 5% price increase in the past 24 hours as ADA reaches $1.50 for the first time since 2018 and continues its bullish momentum. The number of Cardano wallets has hit an all-time high.
Data from Glassnode shows that there are now more than 1.3 million active retail wallets on Cardano's network, the highest number ever recorded. This is a significant milestone because it exceeds the previous record of 1.2 million sets at the peak of the 2017 bull cycle.
ADA News Crypto: Number of active wallets
Also, Cardano (ADA) reached a new all-time high in terms of the number of active wallets at the end of March. The retail interest in Cardano increased on the back of ADA’s price rally, which pushed above $1.30 for the first time.
According to data from IntotheBlock, ADA had as many as 315,000 active retail wallets at the end of March. This is a new all-time high for Cardano and represents a 15% increase over February. The number of active retail wallets for ADA has been steadily growing since January 2021, which coincides with Cardano’s massive price rally and increased adoption by institutions.
On the institutional side, Grayscale added over 690,000 ADA to its asset base in March alone. This takes Grayscale’s ADA holdings to 2 million tokens or close to $3 billion. The firm now holds over 2% of all outstanding ADA tokens, according to data from IntoTheBlock.
Cardano’s price also neared its record high after rallying to $1.30 on Binance earlier today. At the time of writing, ADA trades at $1,210 with a market cap of $38 billion.
ADA News Crypto: The price of ADA
Cardano (ADA) is a relatively new cryptocurrency protocol. It was designed to be a blockchain-based platform that allows decentralized applications and smart contracts. Cardano was envisioned as a third-generation blockchain, the successor of Litecoin and Ethereum. Cardano has a single native asset called ADA, used for all transactions on the network. The ADA price has seen an impressive rally this year, fueled by the growing interest in decentralized finance (DeFi).
At press time, ADA is trading at nearly $1.25 — this marks an impressive 471% increase from its yearly low of $0.21 set in March 2020.
Ada News Crypto: Cardano (ADA) Becomes one of the hottest cryptocurrency
Cardano (ADA) is currently one of the hottest cryptocurrencies on the market, following a strong rally in the past few days. According to data provided by crypto analytics platform SANbase, Cardano's retail wallets reached an all-time high, surpassing the previous ATH established in February 2020 by 30%.
The increased interest in Cardano comes as the network prepares to upgrade its Shelley mainnet with a new hard fork called Mary. The upgrade will add multi-asset support and native tokens to Cardano. The fork is scheduled for February 20th.
Cardano's gains have been part of a broader bull run that has seen BTC reach $50k for the first time last week. In recent weeks, most top coins have rallied significantly, such as WazirX's WRX token or Swipe's SXP coin.
Author: Chidi-Blessing Mills
I am tech and crypto enthusiast with 12 years industry experience. I have written hundreds of articles in the tech and crypto space, and executed campaigns for many blockchain companies across the globe. I'm passionate about the new technology and the potentials it holds for the future. It's my mission to make learning about crypto fun and informative.