Cryptocurrency Cardano (ADA) rallied on Sunday, bringing the smart contracts platform back to the top of the market cap rankings. ADA saw a 14% gain on the day to hit $ 1.83 on major exchanges, a new record. The weekly gain was 31%. This was recorded as a huge wave of shopping. At current values, Cardano’s market capitalization is $ 57.8 billion. Thus, Cardano rose in the rankings, and accordingly lowered Tether (USDT) to the sixth place in the market leader table. In addition, analysts believe that this is far from the limit – by the end of the year, the coin may grow another 10 times.
Goggle searches for Cardano have also increased. According to analysts, the growth of interest and the number of requests will continue, perhaps even double, by the end of this week.
The strong bullish trend in ADA is built on solid foundations, including the prospect of smart contract implementation.
Cardano is actively growing
As we can see, the project continues to rise in price. Note that Bitcoin whales also believe in the future of Cardano. So, earlier, the investment fund from Dubai FD7 Ventures announced that it would sell Bitcoin from its possession for $ 750 million, and invest everything in ADA and DOT.
The largest Bitcoin holder, Grayscale Investments Holdings, also plans to support Cardano (ADA) by already applying to register a trust fund for this altcoin.
Three factors of growth
The functionality of smart contracts, new partnerships and staking on the Kraken cryptocurrency exchange created the ideal conditions for a bullish trend. Earlier it was reported that the number of active addresses on the network has grown by more than 400%.
Blockchain comes to Africa
It was revealed last month that Cardano will help the Ethiopian government digitize the education sector.
The blockchain startup will deploy its Atala PRISM solution to thousands of schools in Africa’s second most populous nation. If everything works out as intended, the Ethiopian government will have the world’s largest blockchain database system.
Alonzo and Voltaire updates
Cardano has announced an upcoming Alonzo update that will bring smart contracts to the blockchain. Alonzo will gradually launch on the mainnet through several tests. Users will be able to test the update features as early as May and June.
Also, Cardano currently has a roadmap that runs until 2025. With the Voltaire update being the final milestone of the roadmap. According to Cardano’s roadmap, “The Voltaire era of Cardano will provide the final elements necessary for the Cardano network to become a self-sustaining system”.
If this functionality successfully implemented, on Cardano, in theory, it will be possible to develop and create non-fungible tokens (NFT). Such opportunities will take Cardano to the next level and make it a serious competitor to Ethereum.
ADA staking on Kraken
Finally, cryptocurrency exchange Kraken has added support for ADA staking with annual returns ranging from 4% to 6%. The exchange announced this on its Twitter account, adding also that rewards will be awarded weekly, while users will be able to pick up coins at any time.