Cardano, one of the most iconic cryptocurrencies on the virtual market this year, has once again increased in price significantly, trading at about $2.70, according to CoinMarketCap. The cryptocurrency’s price has increased by 31.46 percent in the last seven days.
The ADA price rose from $2.07 to its current price in less than a month. However, the crypto has not yet reached its last all-time high value which was $2.95.
Cardano increases trading volume in August
Cardano has gained an incredible operation volume due to its increase of 150 percent since last week. In this way, the circulating supply of the token has increased over 71 percent compared to the total supply that almost reaches 45 billion.
ADA still ranks number three on CoinMarketCap with a market capitalization of $92.18 billion. In the next few days, the ADA price could rise and possibly reach new all-time highs.
Charles Hoskinson opinions about ADA
At the beginning of the year, Charles Hoskinson, the Cardano creator, announced that the new ADA network consumes less energy than BTC and other cryptocurrencies. Hoskinson thinks that the ADA participation test could be four million times bigger than BTC, but speculation.
Climate accreditations aside, ADA also became a decentralized special network. With a free trade token, investors believe that Cardano could reach high prices because it only depends on investments in its assets.
DeVere Group CEO Nigel Green said that ADA could occupy one of the top positions in the crypto universe with this trading model. ADA has been in third place for adoptions for months, and no cryptocurrency can surpass it.
Green is sure that ADA will be a problem for Ethereum because both share several protocol functions. The ADA network not only works as a passive investment but can also be used for network protocols, Dapps, and smart contracts. Even ADA has better scalability in the crypto market than Ethereum.
In 2019, Cardano’s value was $0.04, and it had a market capitalization close to US$1.000 million. Developers never imagined that ADA would increase its market rate by 2021.
Once, the ADA developers did not compare its value with other cryptocurrencies but with technology companies like Netflix, Amazon, and Facebook. ADA tries to become a global financial system, something like what happened with Netflix and streaming services, say the token developers.