On 9 March Novogratz wrote:
Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is [the] market cap so high? Should it be a funding asset?
In addition to seeking out information, Novogratz admitted that ADA is “one of the few cryptos I haven’t traded in my life.” Soon enough the tweet in question reached IOHK’s Charles Hoskinson who was “happy to have a call” with Novogratz.
Alongside a yearly gain of 1383.8%, ADA’s price even surged by 19% at one point, primarily due to Cardano’s latest ‘Mary’ update, a significant rollout since the July 2020 Shelley upgrade. Mary allows the creation of on-chain native’ tokens, on Cardano, making it a “multi-asset ledger.
Discussing the current state of the Cardano network, Hoskinson expects it to overtake Ethereum. According to the CEO, Ethereum is “riskier from an engineering and research viewpoint,” which is why ETH 2.0 has been “difficult” to roll out.
In the meantime, ADA, which will remain as Cardano’s native token, even reached an all-time high of $1.48 on 27 February. At the same time, it gained market cap dominance over most alts and is currently the fourth largest digital asset. ADA was trading at $1.18, at press time, and has been up by 0.2% in the past hour.