Cardano Reaches an All-Time High of $2.55

ADA, the cryptocurrency of proof-of-stake blockchain platform Cardano, touched an all-time high of $2.55 on Friday after a significant jump of more than 17% in the last 24 hours.

The latest data published by Coinmarketcap shows that ADA now has a total market cap of more than $80 billion, which makes it the third most valuable digital currency in the world. Cardano is now more valuable than Binance Coin (BNB), Tether (USDT), XRP and Dogecoin.

The price of the world’s 3rd most valuable cryptocurrency has increased by approximately 100% since the start of August. Cardano has remained the best-performing digital asset among the top 5 in the last seven days with significant gains of more than 22%.

“Cardano just scraped within a single cent of its $2.46 All-Time High, seeing resistance as it reached the $2.45 just 15 minutes ago. Regardless, the +15% price pump is a welcome sight, & enough to propel it to be the top asset on Emerging Trends,” the crypto analytics firm, Santiment mentioned on Twitter today.

The latest jump in Cardano came nearly 24 hours after cryptocurrency Solana crossed the market cap of $20 billion and touched an all-time high of nearly $80. In addition to Cardano and Solana, cryptocurrency LUNA touched an all-time high of $31.49 yesterday. The latest rally in altcoins is causing a sharp increase in the overall market cap of digital currencies.

Adoption of Cardano

Cardano saw a substantial increase in retail demand in the last few weeks. But, one of the main drivers of the latest rally is the institutional interest in the world’s third-largest digital asset. According to the weekly digital asset fund flows report published by CoinShares, Cardano-related investment products attracted nearly $1.3 million worth of inflows last week, compared to $22 million worth of outflows from BTC investment products and $1.1 million worth of outflows from Ethereum investment products.

Cardano is currently trading near $2.50 with a market cap of $81 billion.