The sixth-largest cryptocurrency by market cap, ADA, reached a three year high of $0.5, which is a level last seen in 2018. ADA surged over 177% year to date (YTD) and is up by over 2000% since last March. Trading volumes for Cardano have been steadily on the rise as new investors have joined the mix.
Source: ADA/USD, TradingView
Having sustained price growth on the daily chart for the past few months, on-chain metrics suggest that the cryptocurrency is ready for the next leg up.
For instance, deposits over $100,000 have risen by 270% from 1070 in late January to almost 4000 as of February 2, indicating a significant increase in Cardano Whales.
Fundamentally, Cardano has also presented several bullish signals. Last night, IOHK announced that they had delegated $3.2 million ADA to 100 Cardano community stakepools, adding that next quarter would see a similar delegation.
The numbers so far indicate that with approximately 70% staked, ADA is currently the most decentralized cryptocurrency in the market. With the Goguen updates scheduled to be rolled out over the course of the year, the Cardano ecosystem seems ready to witness significant growth.
The Mary Hardfork was recently deployed on the public testnet bringing Cardano one step closer to becoming a multi-asset smart contract platform. Other bullish cases for the crypto-asset include Cardano’s Africa deal, a potential Grayscale listing, and Atala Prism being ready for commercial use cases. Cardano has also been one of the strongest communities in the space with its Catalyst Fund 3 was launched with $500k and has more voters than all of Ethereum’s DAOs combined.