Cardano has just broken a strong critical support level of $0.50 amid a high buying spree seen by crypto investors, thereby pushing ADA in gaining 20% for the day.
At press time, Cardano was trading at $0.643587 up 19.82% on the day. It was the largest one-day percentage gain since February 5.
The move upwards pushed Cardano’s market value to $20 billion, or 1.70% of the total cryptocurrency market value.
At its highest, Cardano’s market value printed $24 billion.
READ: List of cryptos likely to overtake XRP
What this means
Cardano (ADA) lately has been tipped to outperform on the bias that it’s headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano by this time 2021.
This means that more developers will see it as an attractive medium for building their desired apps.
READ: Cardano to give crypto a cash like experience without internet access
What you should know
Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name in the cryptocurrency.
- It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.