Cardano is now the 8th largest cryptocurrency by market volume, and it is also included in the best performing coins of 2020. In the year to date performance, it has also crossed Bitcoin.
Due to its top-notch blockchain technology, it has gained popularity in the altcoins’ market. Being a potential crypto project, its price-performance remains extraordinary since the start of 2020.
The digital asset fund BKCoinCapital found out that Cardano has been surged by nearly 312% since March bottom, and it has also outshined top leading asset, Bitcoin, by 200%.
“Since bottoming in March, Cardano (Blue) is up 312% as it continues to rally into its long awaited Shelly Main-net rollout. Meanwhile, Cardano has outperformed both bitcoin (orange) by over 200% and the alt-market (Red) by more than 250%.”
In the altcoins, Cardano is in the forefronts that go up against Bitcoin. Moreover, ADA also decoupled from Bitcoin for many months as the correlation index confirmed this statement. In the yearly performance, ADA has outperformed most of the coins, including Bitcoin.
Many crypto voices proclaimed earlier that Cardano would be able to show a bullish trend due to its exceptional vision for the crypto community.
Cardano price uptrend is not because of hype or a case of FOMO but such good performance is dedicated to its network development and adoption by the crypto community.
The company is near to launch the much-anticipated update, Shelley, later this month. This might be a great factor that inspires people towards Cardano.
Crypto data firm Santiment recently claimed:
“Cardano social mentions have surged following the July 1st pump. Mentions of $ADA and #Cardano on crypto social media skyrocketed to a 30-day high after the coin rallied to +11% (currently at ~$0.094) to start the month.”
The main factor behind the price spike of ADA is its acceptance and adoption on a large scale.