There are several virtual currencies that have been growing in price in the last few months. One of them is Cardano (ADA), that has registered a price increase of 100% in just four months. This is an impressive performance considering that Bitcoin (BTC) was in a bear trend until a few days ago. But which are the reasons behind this price increase?
Cardano Price Doubles in Four Months
Cardano is one of the most popular digital currencies in the market. The digital asset has attracted many investors that purchased the cryptocurrency and helped its price increase during the last months.
Back in December 2018, the digital currency dropped to its lowest point in more than a year. Similar to what happened with other virtual currencies in the market. At that time, Cardano was traded around $0.0296 and 0.00000845 BTC.
After it, the virtual currency experienced a price increase that allowed it to reach $0.0925 and 0.00001863 BTC. This represents an increase of 212% in USD value and 120% in BTC value.
But why did the virtual currency started to perform in such a positive way? There are some things that helped this crypto increase its value. One of the first things is related to being added to the Ledger Nano S. Ledger is one of the most popular hardware wallet manufacturers in the world. The company has been selling the Ledger Nano S hardware wallet, allowing users to store their private keys offline.
Nonetheless, Cardano’s support was added just recently. This was something that the Cardano community was requesting for a long period of time. Now that users are able to store their funds in this wallet, it is possible for investors to purchase larger sums of ADA and store them securely.
Another thing that is worth mentioning is that Cardano could soon be supported by Coinbase. The popular cryptocurrency trading platform announced in July 2018 that they are exploring the addition of several new digital assets, including Cardano. At that time, Coinbase explained that they wanted to provide support to Basic Attention Token (BAT), Stellar Lumens(XLM), ZCash (ZEC) and 0x (ZRX). All of these digital assets have already been added to the platform with the exception of Cardano. Coinbase would provide an easy way for investors to have access to Cardano.
Moreover, several reports spread during the last weeks suggesting that Coinbase could soon add support to Cardano. Back in March, Coinbase added support for Stellar Lumens.
Finally, Cardano is also waiting for the Shelly proposal. During a recent AMA, Charles Hoskinson, the co-founder of Cardano, said that they are getting Cardano in the final mile.
About it, he commented:
“We are in the nuts and bolts of getting Cardano in the final mile. The Shelley work is coming along well. We have a huge amount of work on the specifications, a huge amount of work on the Haskell, a huge amount of work on the rust side of things. We are now in a weekly update cycle.”
These things have all helped Cardano grow and expand its reach in the market. This is why it became the 8th largest digital asset in the market. At the time of writing, Cardano has a market capitalization of $2.44 billion and each ADA can be purchased for $0.0942.