Three Major Growth Catalysts That Put ADA To A 3-Year High

The Cardano news lately show that ADA is on fire, and there are three major growth catalysts that are pushing the price to the moon. As you know if you read our news, the ADA/USD exchange rate recently hit $0.51 as it rose by more than 15% during the Asian session on Friday.

As a result, ADA has risen by 181% year-to-date and more than 2,900% from the mid-March levels at $0.02. What is important to note is that besides the push of ADA investors, Bitcoin had a lot to do with this growth. The flagship cryptocurrency went sharp ahead and following the US stimulus package, acted as a major hedge against imminent inflation caused by many easing programs. Below, we are listing the three major growth catalysts behind ADA – which are also something that may push the price of this coin to new highs soon.

1.Blockchain Hard Fork Upgrades

Cardano is set to support smart contract development for the first time. The parent company IOHK noted that this is coming and the second hard fork which is dubbed ‘Mary’ will put Shelley in the past and result in a tremendous upgrade.

“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,” the firm noted in a blog post.

2.Grayscale Adding A Cardano-Enabled Trust

The first of the three major growth catalysts is Grayscale Investments, a large NY-based firm providing institutional investors exposure to crypto assets via traditional investment vehicles. Earlier this year, they announced that a Cardano-enabled trust is coming in their range of services. As a result, the ADA/USD exchange rate surged about 70% (on January 24) following this update in the cryptonews.

3.Launch Of ADA Perpetual Swaps

Last in the list of three major growth catalysts behind ADA is the launch of the perpetual swaps. Bitfinex Derivatives recently announced this launch for Cardano and Stellar’s perpetual contracts with a maximum leverage of 100x. In this manner, traders will be able to settle their positions in the USDT stablecoin.

For those of you who don’t know, the Tether (USDT) stablecoin will allow traders to hold positions indefinitely which makes it attractive for long-term investors.

Do you think that the price of ADA will go even higher this month?