3 Reasons Why Cardano is Mooning Right Now
Cardano (ADA) is one of the assets that’s seen significant price gains over January. ADA has attracted attention, for going out of its usual stagnant range-bound trading.
Cardano Broke Out of Range, Based on Renewed Publicity Efforts
ADA reached $0.055, its highest level since the summer of 2019, and looks like trying to break out of its long bearish slide. ADA also achieved most of its gains in the past few days, going parabolic both in dollar and BTC prices.
Here are the three major factors that sparked the most recent rally, where ADA rose along with other altcoins.
1. PwC Partnership
Charles Hoskinson, the project’s founder, announced a partnership with PwC, to achieve commercialization of the Cardano platform. The nature of the partnership, however, regards a rebranding and a marketing strategy, and says nothing about the actual use of ADA or the coming blockchain with additional solutions.
Still, after two years of relatively obscure activity, the Cardano project is starting to make more noticeably bullish progress. Attracting one of the biggest auditing firms to lead a new marketing strategy has added to the visibility of Cardano, and to more active ADA trading. The specifics of the campaign and partnership are not clear yet, and the date of the campaign launch is yet to be announced.
2. Yoroi Wallet Extension
The Yoroi wallet has accommodated more of the Cardano ecosystem, adding the Yoroi Shelley extension in its latest version.
Cardano's Yoroi Shelley extension 2.4.0 is now released to both Chrome and Firefox users!https://t.co/81RQYy8ghV
We have 4 new features part of this release.
Here the are: [1/5]
— Yoroi Wallet (@YoroiWallet) January 28, 2020
Currently, ADA works as a simple token, but has worked to integrate itself with wallets and become more usable in the future. Along with the updated extension, come new features. This seems to be another bullish catalyst driving ADA price towards new yearly highs.
3. Successful Davos Conference
The Davos World Economic Forum in January hosted a Cardano delegation, headed by Charles Hoskinson himself. The event was very successful in boosting the project’s overall exposure to new prospective partners and investors, and arguably triggered the start of ADA’s bull run. During the Davos conference, Cardano announced it had signed a letter of intent with Finka Advisors, as well as a new collaboration with Dust Identity.
Davos Special: @nathan_kaiser, Chairperson of @CardanoStiftung, calls for a wider discussion of #interoperability and include philosophers, economists and regulators in the conversation during his @CV_Labs keynote in @Davos during @wef. See more: https://t.co/oodLNuYq27
— Cardano Foundation (@CardanoStiftung) January 28, 2020
Cardano was one of the few projects to press the potential of blockchain solutions, viewed with extreme optimism as potentially challenging the leadership of Ethereum.
Is a Cardano Resurgence About to Begin?
The Cardano project caught the imagination of multiple investors during the bull run in 2017. But since then, the project has aged more than two and a half years since the launch of its initial mainnet. The actual use cases of Cardano and ADA remain limited with very few transactions for now, and the project once again tries to present its case for future potential. Cardano was supposed to have one of the more innovative consensus mechanisms, and allow scalable, cheap transactions and second-layer solutions.
The current price reawakening above 500 Satoshi, along with increasing dollar price, may lead to renewed speculative trading of ADA. The asset may also rise if altcoins continue move up in a general wave of optimism.
What do you think about the performance and promises of Cardano? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @CardanoStiftung @YoroiWallet