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The value of Cardano ADA/USD spiked more than 21% late Sunday, reaching levels not seen since November 2022, outpacing gains recorded by apex cryptocurrency Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: At the time of writing, ADA, the eighth-largest cryptocurrency by market capitalization, was trading at $0.33.
There are two major factors driving Cardano’s price. Its recent implementation of the Vasil hard fork in September was seen as a major catalyst for the blockchain’s advancement.
See More: Best Crypto Day Trading Strategies
Second, some of the recent enthusiasm surrounding Cardano has been attributed to its co-founder, Charles Hoskinson.
Hoskinson’s firm, Input Output HK, is making preparations for its upcoming Lace wallet launch and Hoskinson recently announced that ADA could be used as payment at his newly opened Hoskinson Health & Wellness Clinic in Wyoming.
Analyst View: Cryptocurrency trader Lark Davis was amazed by ADA’s incredible price surge, asking: “Did they figure out a cure for cancer or something?”
Trader Dan Gambardello has boldly declared that ADA is undervalued and oversold.
Price Action: BTC was trading at $17,207 up 1.54%. ETH at $1,309, up 3.66% in the last 24 hours, according to Benzinga Pro Data.
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Image and article originally from www.benzinga.com. Read the original article here.