The cryptocurrency market, at present, is undergoing a bull momentum after three banks in the US collapsed one after the other, within a span of a week in the last month and shook up the financial ecosystem. Alongside Bitcoin and Ether, the Cardano (ADA) cryptocurrency has also emerged as a beneficiary of the situation. As investors, fearful of the traditional financial system failures, rushed to the crypto sector — Cardano recorded a substantial growth in its trading values. Notably, Cardano whales have also increased their asset accumulation activities, especially in the last two weeks.
Around the last week of March, people who held 100 million to a billion Cardano tokens collectively accumulated over 560 million tokens, crypto analyst Ali Martinez said in a tweet.
Cardano, at the time of writing, was trading at $0.39 (roughly Rs. 32) as per the crypto price tracker by Gadgets 360. This means, Cardano whales have managed to gather tokens worth $221 million (roughly Rs. 18,160).
Founded in 2017, Cardano is named after the 16th century Italian polymath Gerolamo Cardano. Its native ADA token is inspired by 19th century mathematician Ada Lovelace, who is regarded as the first computer programmer in the world.
ADA tokens, which are estimated to have over three million holders, have pulled in over 34 billion tokens into circulation since the launch. ADA has a pre-set maximum circulating supply of 45 billion.
Out of 23,338 cryptocurrencies registered on CoinMarketCap, Cardano ranks seventh with a market cap of $13.7 billion (roughly Rs. 1,13,000 crore).
In the last three months, Cardano has clocked a 56 percent growth. Around March, ADA registered a growth of 26 percent.
The health of Cardano has improved in the backdrop of several upgrades to the network. Earlier this month, Cardano received its first-ever oracle integrator, named ‘Charli3′.
The Cardano blockchain has also deployed a feature to allow users of other networks to play games built on the blockchain.
Going forward, developers behind the blockchain have decided to launch a toolkit that would help developers design sidechains based on Cardano. More sidechains of a blockchain makes it more scalable and extensible.
The Cardano ecosystem has, however, even encountered rough times. Criticism around its continued delays and network updates often dragged the blockchain under the spotlight.