Cardano’s ADA gained a fresh wave of optimism and purchasing volume on Feb. 26. Thus, pushing its price to a new ATH high of $1.29, making it the third-ranked crypto by market capitalization. Recently, ADA has a market capitalization of $39.6 billion. It is approximately $4.5 billion more than BNB, which presently has $35.1 billion at the time of writing. The ADA is up 18.76% in the past 24 hours and above 30% in the last week. The numbers are in severe opposition to its competitors. For instance, in the last week, Bitcoin has deteriorated by 15%, and Ethereum by 22.8%.
As per the reports, the recent spike in price coincides with the Mary upgrade to the test net, transforming the blockchain into a multi-asset network. Today, Cardano took a step forward to a new milestone. The technology startup MuKn and IOHK, the company accountable for the development of Cardano, declared a partnership aimed at producing a language that optimizes the achievement of smart contracts on the blockchain.
Grayscale intends to add Cardano’s ADA to its network
Glow is a domain-specific language that will enable easy development of dApps on Cardano. This language will make dApps more reliable and less complex. As per Francois-Rene Rideau, Co-Founder of MuKn, the association with Cardano helped this language’s development process. Additionally, Cardano is frequently on the radar of influential investors. Moreover, Grayscale lately declared that it was exploring 23 tokens, including ADA.
Grayscale is adding Aave (AAVE), Basic Attention Token (BAT), Cardano (ADA), Chainlink (LINK), Polkadot (DOT) Compound (COMP), Cosmos (ATOM), Decentraland (MANA), EOS (EOS), and MakerDao (MKR) to its portfolio. However, earlier it only focused on a few coins. The idea behind adding new coins is to offer more opportunities for risk diversification. It will offer increased exposure to new tokens and technologies to conventional investors.
Additionally, various hedge funds and venture capitals also purchase ADA to finance it for at least the medium term. Dubai-based FD7 Ventures, a global crypto investment fund with $1 billion under management, is one of the funds taking this approach. Moreover, FD7 Ventures announced selling $750 million of its BTC holdings to expand its portfolio with Polkadot and Cardano.
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