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Cardano’s ADA hit an all time high on Thursday, as the coin kept its upward momentum.
In 2021, ADA has gone from $0.181 to $1.86, which is a 900% for the crypto, while ethereum (ETH) also had major gains. ADA is a competitor of ETH as mathematician and co-founder of Ethereum Charles Hoskinson launched Cardano in 2017.
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Source: CoinGecko
His goal was to create a fast and scalable blockchain. Thanks to its proof-of-stake (POS) consensus mechanism, this has been the case. It provided much faster transactions at negligible fees compared to ETH.
ADA’s bullish run may come as a surprise to some, after Elon Musk triggered a crypto market correction after tweeting that Tesla will no longer accept bitcoin (BTC) for purchases. This is due to the rate of energy consumption when mining cryptocurrencies. Most of the large cryptocurrencies took a huge knock including bitcoin, ETH, and dogecoin (DOGE).
The news set Twitter alight with many users excited about where ADA could go. Some were wondering if ADA was the new never sell coin, while others were convinced Musk was behind the bullish run.
The project’s big plans
This follows the recent announcement that Cardano’s parent company, Input Output, has partnered with World Mobile Group. The partnership is set to expand Cardano’s use cases within African countries, such as Tanzania and Ethiopia.
Cardano CEO Charles Hoskinson has previously spoken out about the company’s roadmap, admitting that the company missed its five-year goals set out for the project.
“Of course, I’m a very optimistic person and I tend to underestimate engineering and scientific complexity, so we didn’t quite hit that milestone. 2021 is kind of our overflow year, where we’re pulling together and turning on all the things we dreamed of over the last five years” Hoskinson stated.
