Cardano Price Doubles, ADA/USD Adds 10X Year-to-date
The Cardano price has more than doubled in the last week of trading, surging to above $0.70 as ADA bulls pushed their gains versus both ETH and BTC to double digits. However, gains against the greenback are more pronounced since ADA prices have rallied more than 10X year-to-date, pointing to investor and trader confidence in the project. Most traders project ADA/USD to reach parity with the greenback at some point this year. It is a rally that will see the coin cement its position at third, only trailing BTC and ETH. It is despite Cardano being halfway through their five-stage development culminating in Voltaire.
The ADA/USD price is the top performer in the top 10. Notably, the coin is trading at a new three-year high and, in the process, flipping Polkadot and XRP to fourth in the market cap leaderboard. Although margins are tight, analysts are bullish on ADA, expecting even more gains to $1 in weeks ahead. By the end of February, it will be possible for projects to launch native assets without the need for custom code or smart contracts. It precedes the project's goal of achieving complete decentralization. In this stage, staking pools will take over from Input Output Hong Kong (IOHK), a development wing of Cardano led by Charles Hoskinson.
Impact on ADA Price:
Bullish. With a 10X surge year-to-date, activation of native assets by the end of February, smart contracting via Goguen, and complete decentralization, traders are upbeat. They are optimistic of ADA reaching $1 and even a new all-time high in 2021.
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