The price of Cardano (ADA) rose more than 100% in the past week as it overtook Bitcoin Cash (BCH) to become the world’s sixth-largest cryptocurrency by market capitalization.
There are two major factors behind ADA’s strong upsurge throughout the past several weeks. First, most major cryptocurrencies saw large rallies following BTC’s uptrend to $36,400 and Cardano has some important network upgrades lined up in 2021.
ADA/USDT daily price chart (Binance). Source: TradingView.com Excitement builds over Cardano’s smart contract deployment
Cardano launched the Shelley mainnet in 2020, kickstarting the growth of Cardano as a proof-of-stake blockchain protocol.
The release of Shelley was a major milestone for Cardano, which led the overall sentiment around ADA to improve throughout 2020.
However, functional smart contracts are yet to be deployed on the Cardano blockchain. When smart contracts are live, large-scale decentralized finance (DeFi) protocols and other decentralized applications would be able to launch on top of Cardano.
Researchers at Binance Academy said that