The head of the crypto bank Galaxy Digital, Mike Novogratz, asked his Twitter followers what Cardano (ADA) is and where does it get such a large market capitalization.
Cardano (ADA), the fifth largest cryptocurrency with a capitalization of $ 36 million, has caught the attention of Mike Novogratz, renowned crypto enthusiast and creator of Galaxy Digital, a digital asset-focused financial company.
He asked his Twitter followers to tell him about Cardano. In particular, what is the bullish trend of the coin based on, who is using it, and whether it will fit for funding.
He also admitted that Cardano is one of the few cryptocurrencies he hasn’t traded yet.
Critics of the coin believe that Cardano has no real use cases, and the project itself is a failure, since it considers itself an “Ethereum killer”, but does not support smart contracts.
A rich experience
Meanwhile, Novogratz has a wealth of experience with digital assets. In addition to Bitcoin (BTC) and Ethereum (ETH), he was interested in the decentralized finance (DeFi) segment. In particular, in a January interview with rapper Lil Yachty, he noted that coins like Aave (AAVE), Chainlink (LINK), Compound (COMP), yearn.finance (YFI) and Uniswap (UNI) are capable of shaking the financial industry, if not in the coming months, then certainly in the next five years.
Earlier, the editorial staff of BeInCrypto reported that Novogratz was suspicious of the Dogecoin (DOGE) rally. According to him, such a hype will not end well.
Mysterious rally Cardano
At the end of February, Cardano (ADA) broke into the top three in terms of capitalization and updated its all-time high at $ 1,546. Experts linked the unexpected growth to the upcoming Mary hard fork, which was launched on March 1.
The community had high hopes for a new version of the web that would take the project to the next level. In addition, the team added support for the Glow programming language, which will allow developers to work across different ecosystems.
In addition, according to the resource Staking Rewards, Cardano has become the most decentralized project with a total amount of funds blocked on staking over $ 7 million.
Ultimately, however, the market played out the buy-by-rumor, sell-by-fact strategy. After the update, the coin began a correction and lost 25% in seven days from its all-time high. At the time of this writing, ADA is trading at $ 1.16 and occupies the fifth position in the capitalization rating.