Cardano’s ADA back on the up after breaking $1 mark for first time in a month
Cardano has heaved itself back over the dollar mark after an impressive 10 per cent surge in upward movement today.
The four-year-old blockchain’s native ADA token has long been hailed as one of cryptocurrency’s success stories and having great potential in the future of decentralised finance.
However, critics of the project – brainchild of Ethereum co-founder Charles Hoskinson – have been circling ever since ADA pulled back from its all-time high of $3.10 in September last year. Many naysayers have shown frustration at what they deem to be laborious progress for the seventh-largest cryptocurrency by market cap.
Following its September peak, ADA slowly ebbed, eventually slipping below $1 on February 19 where it dropped to as low as $0.75 before returning to the $0.90 to $0.95 range last week.
Today, Cardano took a steep climb to $1.08, potentially on the back of news that its 4,000,000th NFT project had been minted. This news followed shortly after an announcement by parent company Input Output HK of an upgrade to support scaling on the network.
“Today, an update proposal (submitted before the weekend) will trigger an increase in per-block #Plutus script units limit from 56M > 62M,” the company announced on Twitter.
“This incremental adjustment is the latest in a continuing series of optimisations and increases to network capacity that are being made as #Cardano continues to scale in 2022 for future growth.”
While the critics continue to circle Cardano, those still enchanted by the project will no doubt be rejoicing at the potential promise of further growth in 2022.