• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

3 Catalysts That Propelled Cardano (ADA) to Its Three-Year High

Yashu Gola by Yashu Gola
1 year ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

ADA, a cryptocurrency backed by blockchain network Cardano, reached its best levels in the previous three years amid a major capital influx from Bitcoin to the altcoin market.

The ADA/USD exchange rate hit $0.51 after rising more than 15 percent during the Asian session Friday. The pair’s gains appeared as a part of a broader upside move that saw its bids rising 181 percent year-to-date and 2,908 percent from its mid-March nadir $0.02.

Cardano, ADA, cryptocurrency, ADAUSD, ADABTC, Bitcoin
Cardano continues its explosive move higher against supportive catalysts. Source: ADAUSD on TradingView.com
Cardano continues its explosive move higher against supportive catalysts. Source: ADAUSD on TradingView.com

A larger portion of ADA’s bull run took cues from Bitcoin. The flagship cryptocurrency rallied sharply against the backdrop of the Federal Reserve’s ultra-dovish policies and the US government’s stimulus packages worth now more than $3 trillion. Investors treated Bitcoin as their hedge against imminent inflation caused by the ongoing quantitative easing programs.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Altcoins tailed Bitcoin for most of 2020, with tokens in the decentralized finance (DeFi) sector taking the lead.

Meanwhile, Cardano’s emergence as a direct competitor to Ethereum, the second-largest blockchain project by market cap and the host to a majority of DeFi protocol, helped ADA sustain its bullish bias atop the pro-crypto euphoria.

Entering 2021, the blockchain protocol is giving traders more reasons to speculate on its market valuation. Here are three reasons why ADA has propelled to its new record levels (and might continue to do so).

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

#1 Snapping Ethereum’s Hegemony

The latest intraday gains in the ADA market coincide with an imminent Cardano blockchain upgrade.

IOHK, the firm that represents the blockchain, announced Thursday that it would go through its second planned hard fork—dubbed as Mary—as part of its switch from the Shelly Era to the Goguen Era towards the end of February.

Once the upgrade is complete, Cardano will support smart contract development for the first time. IOHK noted that their offerings would be better than Ethereum offers with its blockchain services, promising superior affordability and security.

“Goguen introduces a mechanism whereby tokenization is handled natively,” the firm’s blog post explained. “The logic is based on the Cardano ledger, rather than smart contracts.”

“By taking this approach, we are able to implement an efficient tokenization strategy that is superior to the ERC-20 and ERC-721 standards supported on the Ethereum blockchain,” they added.

#2 Grayscale Filing

The prospects of Cardano emerging out as a genuine competitor to Ethereum alerted firms in the mainstream finance sector.

Grayscale Investments, a New York-based firm that provides institutional investors exposure to crypto assets via traditional investment vehicles, announced that it had added a Cardano-enabled trust in its range of services. The announcement came out on January 24, 2021, and the ADA/USD exchange rate has surged about 70 percent ever since.

Michael Sonnenshein, CEO at Grayscale, later clarified that adding a trust does not necessarily mean offering it to clients. Nevertheless, he said the firm would notice if the demand for ADA or other trusts rises in the future.

#3 ADA Perpetual Swaps Launch

Bitfinex Derivatives, the crypto derivatives wing of the popular exchange Bitfinex, announced Wednesday that it is launching Cardano and Stellar’s perpetual contracts with a maximum of 100x leverage. Traders will be able to settle their positions in Tether’s stablecoin USDT.

A perpetual contract allows traders to hold positions indefinitely, making it attractive for people seeking to profit from long-term targets. That may have partially helped ADA to notch a fresh high.

Tags: adabtcadausdCardanocryptocurrency
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

MicroStrategy

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

14 hours ago
Bitcoin

Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

18 hours ago
Bitcoin

Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

20 hours ago
El Salvador bitcoin

More Stress For El Salvador As Bitcoin Dips To $29,000

2 days ago
Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

2 days ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

DeHub Launches The First Blockchain End-To-End Entertainment Hub

May 21, 2022

Carbon Removal Marketplace Achieves Key Milestone

May 21, 2022

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.