The Cardano cryptocurrency (ADA) managed to return to the US $ 2 mark with flying colors on Friday, which means that it has made whopping gains of more than 50% over the week.
ADA ends the drought
As data from Cointelegraph Markets Pro and TradingView show, ADA / USD climbed rapidly after skipping the psychologically important resistance.
At the time of going to press, the price is at $ 2.07 with an upward trend. In the last few hours alone, more than 0.25 US dollars in plus could be earned.
A price of $ 2.07 is the highest level for ADA since May 18, when the Chinese government’s increased crackdown on the domestic mining industry triggered a market-wide crash.
The mainspring for the current soaring are probably some upcoming technical upgrades for the Cardano network, which among other things introduce smart contracts on it. The crypto analyst Lark Davis sees it as “a very strong catalyst”.
“Sixfold growth would give the crypto project the same market capitalization as Ethereum,” he says, given the potential for growth to consider that he classifies as “several hundred percent”. He adds:
“Perhaps Cardano will even reach 50 times the current price at some point, but that is not very likely in the short term.”
The massive gain from ADA even makes the cryptocurrency almost the winner of the day, only the Altcoin from The Graph (GRT) was stronger.
Crypto market on the rise
As Cointelegraph reported, Cardano isn’t the only crypto project currently at a crucial brand.
Market leader Bitcoin (BTC) was also able to establish the psychologically important 40,000 US dollar hurdle as a new support, thereby switching towards 47,000 US dollars.
In addition, the crypto experts are confident that the coins from the area of decentralized financial services (DeFi) will soon go up again after they have recently weakened.