Cardano (ADA) has taken the cryptocurrency community by storm lately, and the recent success pertaining to its implementation of smart contracts has led many to believe that this is the project to watch going forward.
As of now, ADA’s overall market capitalization, which is just over $50.4 billion, has now surpassed that of Coinbase’s market cap, which is currently slightly above $49.4 billion. Cardano’s market cap, as high as it is, is still not as high as Vodafone’s, though, as it trails by $0.94 billion. In related news, Roblox, an online gaming company, has now also been surpassed by Cardano. Roblox’s total market capitalization is $49.05 billion.
It should also be mentioned that similar to more traditional stocks, the holders of the ADA token are eligible to receive various benefits whenever the price increases.
An influx of capital for ADA
The aforementioned market capitalization of ADA had largely resulted from the bull run recently experienced by the crypto market, as well as Cardano’s continuous developments in terms of its progress. Furthermore, ADA has now managed to increase by more than 750% since last year, and it is now ranked among the top 5 cryptocurrencies in the world under the market cap as a result (it is currently the 5th highest ranked).
Moreover, the ability of ADA to attract unprecedented attention from numerous retail and institutional investors, chief among which being the likes of billionaire Mark Cuban, also contributed to its bullish momentum for the last 12 months. This had also led to a substantial inflow of capital via various investors who believe in what Cardano is capable of and seek to derive profit from ADA. Investors who bought the ADA token when the price was considerably lesser than what it currently has now managed to become millionaires.
Additionally, Cardano’s partnership with the Ethiopian government, as well as Dreamflats potentially adding ADA to its list of payment options, had also helped Cardano grow.
As abovementioned, Cardano has been quite busy developing its platform with help from IOHK. This continued growth in the project’s network development has served to inspire a surge in confidence from various investors for Cardano, with the project’s blockchain managing to recently attaining complete decentralization in terms of block production.
Additionally, the Cardano node’s newest version, AlonzoBlue 2.0, had been successfully released a little while ago onto the testnet, which only served to increase Cardano’s value and price.