Only one cryptocurrency is standing out from the top 30 digital currencies by market value in the CoinMarketCap ranking. The ADA, of the Cardano chain, has been increasing in recent days while practically the entire market corrects it.
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In the past 7 days, Cardano's native token has risen more than 19.2% and is trading around $ 1.10. In other words, just over R $ 6, in reais.
As you can see in the image above, no other cryptocurrency is being traded in green. Bitcoin, for example, fell nearly 12% in the last week and is costing around $ 47,310 at the time of writing.
Reasons for valuing Cardano (ADA)
But this isolated move by Cardano is no accident. IOHK, the company behind the network, announced on Friday (26) a new programming language, Glow.
This will simplify the process of executing smart contracts. Consequently, it will improve the development process and reduce costs.
In addition, recent news may have helped boost the price of ADA. After all, the Dubai-based FD7 fund with $ 1 billion in assets, announced that it will sell $ 750 million in Bitcoins to increase its positions in ADA and Polkadot (DOT).
"This move will, in effect, lead to the sale of most of the company's Bitcoin assets to buy the Cardano and Polkadot growing projects," the press release said. "According to the company, increasing investment in these altcoins will better serve the interests of FD7 investors looking to diversify their portfolios in the growing cryptocurrency space."
Finally, Cardano's “Mary” hard fork was confirmed for March 1st. This update will bring native tokens and multi-asset functionality to the Cardano network.
In this way, the fork will pave the way for the implementation of decentralized applications (dApps), native tokens and decentralized finance (DeFi).
In this sense, with the update, Cardano could become an attractive alternative to Ethereum for building DeFi applications.
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