Cardano (ADA) Skyrockets As Ethereum Gas Fees Shoot to New Highs

Cardano (ADA) Skyrockets As Ethereum Gas Fees Shoot to New Highs

One of ADA’s largest one-day gain, 20%, was witnessed yesterday, where it broke the strong critical level of $0.50. Today, ADA is trading at $0.68 with a market cap of $21.7 billion at the time of writing.

Just the Beginning?

Cardano has gained an audience as one of the top-performing altcoins in 2021. Its price multiplied 4x with a solid 300% gain. 

Several developments have been taking place on the Cardano network and could have contributed to the price rally. In general, smart contract platforms such as Ethereum (ETH) and Polkadot (DOT) see increased interest causing similar surges.

Ethereum fees also hit a new high on Thursday, hitting more than $20. The increase in fees is a result of the recent Ether rally since the year started. Cardano has previously been named the Ethereum killer, and it’s no surprise that it’s rallying as Ethereum fees go higher. 

Daniel Wolfe of Moscow-based Halcyon Global Opportunities, a crypto fund, told Forbes that Cardano’s blockchain is being built and released in stages, based on several design principles. It allows economic transactions that contain more information that is important for institutional investors, corporations, and regulators.

Cardano is trying to solve earlier blockchains and create a smart contract platform that seeks to deliver more advanced features than any protocol previously developed. It aims to run smart contracts and decentralized applications. IOHK is the tech arm of the project, committed to using “peer-to-peer innovation to provide financial services to the three billion people who don’t have them,” as per the website statement.

According to Forbes, the cryptocurrency’s price under a dollar has been a reason why it has also attracted investor interest.

Cardano Price Prediction

With cryptocurrencies being so volatile, predicting their price is one of the most difficult tasks. Cardano, known as Ethereum of Japan, was founded by Ethereum co-founder Charles Hoskinson. 

According to a report, 95% of ADA coins are held by Japan. According to forecasts, ADA will surge in early 2021 and could hit $ 3.5 by the end of 2021.

As previously reported by BTCManager, in October 2020, Cardano unveiled a new roadmap for the highly-anticipaated Goguen era that would enable features to facilitate smart contracts development on the Cardano network.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.