Cardano (ADA) is now more valuable than Litecoin (LTC) after it was able to grow more than 23% in just a few hours. The virtual currency is showing strength and the market continues to be very interested in the features and services it has to offer.
Cardano Massively Surges
The last few hours have been very positive for Cardano, which has just reached the highest price since August 2018. This shows the virtual currency is attracting investors and the attention of many users from all over the world.
The main reason behind Cardano price surge could be related to Coinbase Custody adding support to ADA tokens. This would make it easier for the virtual currency to be held by larger companies and institutions that want to have a professional custody service.
This was informed by IOHK on July 3rd and they explained that this service will be available since the last quarter of the current year. In this way, users will have the possibility to have access to institutional-grade custody solutions for their ADA tokens.
— IOHK Media (@IOHKMedia) July 3, 2020
The team behind Cardano is also working on a wide range of initiatives. The most important one is Shelley, which is expected to allow users to stake their ADA coins and earn rewards on them according to their stake.
Since the bottom reached in March this year, Cardano has expanded by 208% leaving behind many virtual currencies in the market that were not able to attract a large number of new investors in recent times. This is also the reason why ADA was able to surpass Litecoin as one of the largest virtual currencies in the world.
ADA is now the 7th largest cryptocurrency with a market valuation of $3.39 billion and a price per coin of $0.13. The next goal for ADA would be to reach the 6th position that is currently being held by Bitcoin SV (BSV) with a valuation of $3.41 billion. Bitcoin Cash (BCH) is already above with $4.42 billion market valuation.
Nevertheless, everything can happen in the cryptocurrency market and Cardano could continue growing, even more than expected. However, we may also see a correction in the coming days as many sellers would be more than comfortable to sell at these levels after accumulating ADA funds over the last few years at lower prices.