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ETH $3441.07 (-1.7%)
USDT $0.99 (-0.0%)
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BSV $160.33 (0.22%)
LTC $180.76 (-1.8%)
BNB $410.83 (-1.7%)
ADA $2.38 (-0.8%)
DOGE $0.24 (-1.5%)
BTC $48120.77 (-1.2%)
ETH $3441.07 (-1.7%)
USDT $0.99 (-0.0%)
BCH $636.94 (0.03%)
BSV $160.33 (0.22%)
LTC $180.76 (-1.8%)
BNB $410.83 (-1.7%)
ADA $2.38 (-0.8%)
DOGE $0.24 (-1.5%)

Cardano’s Millionaire Investors’ Count Increases 13x in 2021

Number-of-Cardano-millionaires-spikes-1,231%
  • Cardano’s Millionaire Investors’ Count Increases 13x in 2021.
  • ADA’s price reached a new all-time high of $2.46.

The number of millionaire Cardano (ADA) investors increased by 13 fold in 2021 as the asset’s rally continues.

Moreover, the data provided by crypto intelligence CoinMetrics noted that between January 01, 2021 and May 17, 2021, wallets holding ADA with a price of at least $1 million have increased 1,231% from 504 to 6,710.

Moreover, the millionaire investors have emerged in a period ADA started to get the crypto community’s attention. However, ADA reached a new ATH of $2.46 on May 16, 2021, according to CoinMarketCap. In line with this, ADA price is trading at $1.76, at the time of writing.

ADA USDT Price Chart
ADA/USDT Price Chart (Source: TradingView)

More so, on a year-to-date basis, ADA’s price has increased by over 1,000%. Recently, interest in Cardano news on the Google Trends platform also increased widely. Even more, the number of active addresses on ADA spiked 417.81% with the transaction number spiking over 382%.

The rise of ADA came after Bitcoin (BTC) received an end regarding its concern on carbon footprint. In addition, BTC has decreased in value after the manufacturer of electric vehicle Tesla suspended the bitcoin payments for vehicle purchases.

After the suspension, Tesla CEO Elon Musk mentioned that the firm looks for an energy-efficient cryptocurrency, and immediately assets like ADA shot to prominence as an alternative. In addition, Musk noted that he is looking for a crypto that uses less than 1% of bitcoin’s power consumption in mining.

Furthermore, Cardano founder Charles Hoskinson estimated that the network uses less energy than 0.01% of bitcoin’s network. More so, the efficient power consumption is due to Cardano’s underlying technology that relies on a proof-of-stake. However, it eliminates the need for power-hungry mining computers.

Cardano Network Development

Furthermore, the Cardano blockchain has increasingly identified real-world applications. More so, the recent deal with the Ethiopian government stays one of the key highlights. Under the deal, the Cardano network will streamline Ethiopia’s education system by supporting teachers and students to share resources aimed at improving student performance.

Recently, ADA reached 100% decentralization in block production and the milestone will make the network more appealing to investors.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.