Cardano’s ADA Falls Suddenly After Setting New All-Time High Above $1.82

Charles Hoskinson’s Cardano (ADA) now has a current value of approximately $58 billion, and in most recent news, it has also managed to reach a new all-time high. However, following this new all-time high, the price value of ADA dropped suddenly and turned bearish. As of the time of this writing, ADA is trading at a price of $1.72, with a change rate of -5.64% in the past 24 hours. The ATH had been reached at over $1.80, a significant milestone for the cryptocurrency, given its seemingly controversial and often uncertain past.

This ATH has helped Cardano to overtake USDT (Tether) in terms of market capitalization, and ADA is currently ranked as the 6th highest ranked crypto in the entire industry right now. It had been on various major exchanges that ADA had managed to experience a growth of 14% in order to reach the ATH of $1.83. In terms of percentage growth, this means that ADA had increased by 14% within a day, 31% in a week, and finally more than 47% in a month.

ADA surpasses USDT & outperforms BTC

In addition to overtaking Tether, ADA has also been able to outperform the biggest cryptocurrency, Bitcoin (BTC). Of course, Bitcoin remains the flagship crypto for now, but recent spikes in prices for several altcoins, including but not limited to the likes of ADA, ETH, BNB, LTC and more, have resulted in many reconsidering their respective BTC investments.

Moreover, what greatly helps Cardano is the fact that it has been continuously supported through various fundamental, sentiment-driven and technical indicators. The implementation of smart contracts has been praised by many, and Hoskinson himself remains persistent as far as developing Cardano’s technological aspects are concerned. In related news, ADA’s uptrend was confirmed to have resumed following the breaching of the $1.48 resistance mark in the past week. The target for the immediate upside as far as price action is concerned is said to be $2, which is likely to increase to $2.25 soon.

ADA now on Kraken

Kraken, a popular cryptocurrency exchange, had made it known sometime around the past week that as of right now, ADA staking is now possible through the platform. Users of Kraken may now have their respective ADA staking accounts be funded in an accessible and easy manner and are also eligible to obtain a maximum of 6% rewards with the pay-outs being conducted on a weekly basis.

Lastly, the upcoming Alonzo upgrade is certain to increase Cardano’s value even more, with early tests scheduled to take place from now till the next month.

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