- It’s a good time to be a Cardano holder, with the crypto hitting its all-time high in the past 24 hours at just over $2.2.
- What’s even more impressive is that it achieved this fete as other cryptos were tanking, with Polkadot being the only other crypto in the top 10 in the green.
It’s been a long time coming, but Cardano (ADA) has finally broken through the $2 resistance and set a new all-time high price. While many cryptos had their best days a month ago, Cardano holders had to be a bit more patient, and it’s finally paid off. ADA has set a new all-time high at $2.23.
The Cardano community has for years now focused on building, in the belief that prices will follow. With Charles Hoskinson leading the ecosystem, it has become a formidable blockchain network and a serious rival to Ethereum. The recent Mary hard fork and the upcoming Alonzo hard fork are testaments to the rapid rate of development.
And now, the prices are catching up. In the past 24 hours, ADA gained 18 percent to hit a high of $2.23. It then retraced slightly before hitting the level again – at press time, it’s changing hands for $2.23.
Cardano justifies price, beats Ethereum on GitHub
In the crypto world, price rises are sometimes mysterious. Some tokens just shoot up for no apparent reason and hit dizzying heights. Others just rely on publicity from celebrities like Elon Musk, including Doge and sometimes even Bitcoin. Some just shoot up because investors confuse them for their rivals (yes, it happens.)
However, for Cardano, the price rise is justified. The project has been one of the most consistently developing in the blockchain world. While there are features that it still lacks, like smart contracts, developers are working tirelessly to introduce them and make Cardano the ultimate blockchain.
And there’s proof. According to Proof of GitHub, a platform that monitors GitHub activity for crypto projects, Cardano is the king. In its May 14 report, it revealed that Cardano led the industry in weekly development activity. It had 431 GitHub commits, way ahead of second-placed Kusama and Polkadot, both at 387. Gnosis edged out Ethereum to take fourth place with 268, with the king of altcoins taking fifth with 248.
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 mechanism also seems to have given it a boost. Recently, proof of work coins like Bitcoin have come under fire for their energy use. PoS coins seem to have taken advantage and are slowly climbing up the charts. This is evident in that Polkadot, also a PoS blockchain was the other big gainer in the top 10.