Cardano token ADA has closed its highest daily close ever at $1.47 on the Binance crypto exchange. The altcoin is somewhat close to hitting it’s new all-time and currently trading at $1.50 at the time of writing.
Cardano (ADA) At a Renewed Momentum
In February, ADA was the talk of the town, soaring by 350% amid the anticipation of March’s Mary update that had transformed Cardano into a multi-asset blockchain. The altcoin is currently ranked as the 7th-biggest cryptocurrency in the world with a market cap of more than $47 billion.
The altcoin had been mostly trading sideways over the past few months behind Ethereum, Binance Coin, and, of course, Dogecoin.
ADA’s renewed momentum could be attributed to IOHK’s recent partnerships in Africa. Earlier last week, the Cardano team announced reaching a major deal with the Ethiopian industry to decentralize the education sector.
The company said that this was the world’s biggest blockchain deployment as it will reach millions of customers. The community is also anticipating the Alonzo hard fork, which will finally bring smart contracts to the Ethereum competitor.
The cryptocurrency has already passed the psychological threshold price of $1, a few months ago. Just this year alone, the price of cryptocurrency has risen by more than 600%. The bullish continued patterns on Cardano are overwhelmingly indicative of continued upside momentum.
Kraken Adds Staking for ADA
Recently, the U.S.-based Kraken cryptocurrency exchange announced enabling staking for ADA cryptocurrency. The exchange said it will offer rewards between 4% to 6% per anum for ADA holders.
Unlike other crypto exchanges, there will be no waiting period where people can get to start earning instantly. They will also receive their rewards every week.
Reacting to the latest staking news, the price of Cardano (ADA) bounced back after days of consolidation.
Cardano (ADA) offers an incredible alternate to Bitcoin and other high-priced cryptos at the time. One of its founders, Charles Hoskinson, is also the former co-founder of Ethereum, whose inclusion adds more weight to the platform’s reputation.