Cardano Makes New All-Time High Following 14% Recent Gains

Cardano makes a new all-time high following the recent 14% gains and with a value of nearly $58 billion, ADA flipped Tether in terms of the market cap so let’s find out more in our latest Cardano ADA news.

Cardano makes a new all-time high and surged on Sunday and brought the smart contracts platform back in the green territory while surpassing Tether in terms of market cap rankings. ADA charted 14% growth to reach $1.83 on major exchanges and marked a new ATH which was last seen hovering below the $1.80 after gaining 14% in one day, 31% on the week, and 47% in a month.

At current values, Cardano has a market cap of $57.8 billion and surpassed tether for the sixth spot on the market leaderboard according to Coingecko. Cardano’s market ranking could be seen as high as fifth on CoinMarketCap. ADA also outperformed Bitcoin as it increased by 16% against the biggest cryptocurrency. ADA remains well below the all-time high when measured in BTC.

Cardano is now supported by plenty of technical, sentiment-driven, and fundamental indicators as investors geared up for the next leg of the bull market. As reported previously, the resumption of ADA’s uptrend was confirmed after the cryptocurrency breached the $1.48 resistance a week ago. The price action put the immediate upside target to $2.00 and $2.25.

In terms of fundamental factors, Kraken crypto exchange announced that ADA staking was now available on the platform and now the users can easily fund their ADA staking accounts to receive rewards of up to 6% with payouts being delivered each week. The next major milestone in Cardano’s multi-year development roadmap was the Alonzo upgrade which is set to introduce smart-contract capability on the blockchain. IOHK or Input Output Hong Kong which is the development arm behind Cardano explained that Alonzo is being gradually deployed to the mainnet via testents and the early adopters and partners will be able to test features of the upgrade in May and June.

Also as recently reported, A new partnership sees Cardano opening up to DeFi and NFT sector as Occam and Bondly revealed in the new announcement. The recent announcements culminated in ADA hitting a new ATH at $1.69 and despite that, the critics often point out that Cardano doesn’t have smart contracts yet. The developments are now occuring in the background and are reading it to capitalize when the time is right so this week, Occam along with Bondly is giving up a glimpse of what is coming.