Cardano (ADA) continued to move in the wake of the bullish trend and today updated its all-time high at $ 1.68 amid a wave of positive news.
Cardano ranks seventh in the capitalization ranking and is rapidly gaining ground amid a stream of favorable fundamental news. Earlier, the token updated the record (ATH) at $ 1.68.
As of this writing, ADA / USD is trading at $ 1.55. Despite the correction, the coin is still 10% higher on a daily basis. Over the week, the price has risen by almost 20%. The strong bullish trend in ADA is built on solid foundations, including the prospect of smart contract implementation.
Three factors of growth
The functionality of smart contracts, new partnerships and staking on the Kraken cryptocurrency exchange created the ideal conditions for a bullish trend. Earlier it was reported that the number of active addresses on the network increased by more than 400%.
Blockchain comes to Africa
It was revealed last month that Cardano will help the Ethiopian government digitize the education sector.
The blockchain startup will deploy its Atala PRISM solution to thousands of schools in Africa’s second most populous country. If everything works out as intended, the Ethiopian government will have the world’s largest blockchain database system.
Voltaire and Alonzo played into the hands of Cardano
The founder of the project, Charles Hoskinson, recently shared plans for the development of the protocol until 2025. While talking about Cardano’s roadmap, Hoskinson also mentioned the launch of the final version of the Voltaire update. However, it will be preceded by the Alonzo update. It will bring smart contract support to the Cardano blockchain.
If this functionality is successfully implemented, on Cardano, in theory, it will be possible to develop and create non-fungible tokens (NFT). Such opportunities will take Cardano to the next level and make it a serious competitor to Ethereum.
ADA staking on Kraken
Finally, cryptocurrency exchange Kraken has added support for ADA staking with annual returns ranging from 4% to 6%. Stock exchange reported about this on Twitter, adding also that rewards will be awarded weekly, while users will be able to pick up coins at any time.
You asked & we delivered! @Cardano #THERE IS staking is now available on Kraken 🎉
Receive initial annual staking rewards between 4-6%, issued weekly with instant stake & unstake. Get started with #Cardano staking on Kraken: https://t.co/K5waYvklKj $ THERE pic.twitter.com/itHtoFZEPM
— Kraken Exchange (@krakenfx) May 5, 2021
Kraken supports seven coins staking including Kusama, Polkadot, Tezos.
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