Cardano (ADA) has broken above the $2 psychological level and established a fresh all-time high price after several weeks of consolidation at $1.20 levels. Although many cryptocurrencies recorded huge rallies a month ago, Cardano investors had to wait a little longer, and their patience has eventually paid. ADA hit an all-time high of $2.45 at the time of writing this article, with market cap reaching $78.27 billion.
For almost a decade, the Cardano core team has been concentrating on development, trusting that valuation will soon respond. It has established itself as a mighty blockchain network and a robust contestant to Ethereum, thanks to Charles Hoskinson’s leadership.
The latest Mary hard fork and the forthcoming Alonzo hard fork are examples of how quickly things are changing. The valuation is now getting to grip. ADA has gained 15% in the last 24 hours, reaching a high of $2.45.
Price increases in the crypto sector can be perplexing. Many tokens suddenly rocket up to absurd levels for no particular reason. Others depend entirely on celebrity endorsements, such as Elon Musk’s, to promote Doge and perhaps even Bitcoin.
Some simply skyrocket when investors mistake them for competitors (yes, it happens.). The price increase for Cardano, on the other hand, is warranted. In the blockchain domain, the venture has become one of the most constantly evolving. Although certain elements, such as smart contracts, are still missing, team is currently working hard to add them and turn Cardano as the best blockchain.
Well there’s evidence of that. Cardano is the leader, according to Proof of GitHub, a website that tracks GitHub interaction for crypto ventures. Cardano led the industry in weekly growth operation, according to its May 14 survey.
It had 431 GitHub contributions, far outpacing Kusama and Polkadot, both of whom had 387. Gnosis took fourth spot with 268 commits, just ahead of Ethereum, which took fifth place with 248 commits.
GitHub Weekly Development Activity:
#1: 431 Cardano
#2: 387 Kusama
#3: 387 Polkadot-new
#4: 268 Gnosis-gno
#5: 248 Ethereum
#6: 197 Trust-wallet-token
#7: 195 Status
#8: 179 Solana
#9: 174 Ark
#10: 167 Elrond-egld— ProofofGitHub (@ProofofGitHub) May 14, 2021
Cardano’s proof of stake consensus process appears to have helped it gain traction as well. Proof of work tokens, such as Bitcoin, have recently come under criticism for their high energy consumption. PoS coins appear to have seized advantage of the opportunity and are steadily scaling the rankings. Polkadot, which is really a PoS blockchain, was another major winner in the list of top 10.
