Cardano breaks two years high in latest rally

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Last Updated on 7 July 2022 by CryptoTips.eu

Jeroen Kok

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Cardano (ADA) has hit a two year all-time high of $0.106 in the last 24 hours according to reports from cryptowatch. The blockchain financial platform posted a chart on Twitter which showed the moment ADA hit the $0.106 mark.

Cardano is one of the best performing crypto assets in the last few weeks with its native token moving up the coin rankings. ADA is up 470% since the crypto dip that happened in March and has enjoyed a 30% rise in July.

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Cardano rise in price attributed to recent developments

Several factors could be associated with the rise of ADA with a string of partnerships and developments critical to the coins meteoric spike in value.

The recent rolling out of the Shelley mainnet has increased the engagement within its blockchain ecosystem. Cardano began its quest towards its highly anticipated mainnet with its incentivized testnet in May 2020.

The launch which was successful, saw over 1000 stake pools partake increasing the anticipation within the crypto community.

Another major factor is the partnership between Cardano and one of the leading crypto exchanges Coinbase that would enable ADA holders to stake their assets using cold wallets.

Since the announcement of this partnership, ADA has rallied in the market, overtaking Binance Coin (BNB) on the coin rankings.

Cardano ADA price

The Cardano price has surpassed expectations in recent weeks increasing its market cap and value despite the bearish sentiments within the crypto market.

After overtaking Tezos some weeks ago to enter the top 10 coins based on market cap, ADA has recently surpassed EOS and Binance Coin with the coin currently ranked eight on the coin rankings.

At the time of writing, ADA is valued at $0.107 and has a market cap of $2.7 billion. The coin gained 9.35% in the last 24 hours of trading and shows no signs of slowing down. With the Shelley testnet set to fully launch by August, Cardano could be ranking even higher.