Why is Cardano (ADA) surging right now?
Bitcoin
No conversation about the growth of cryptocurrency can begin without mentioning the ripple effect Bitcoin has had in the past month. With major news like breaking $10K (and now nearing $20K) and bitcoin futures trading on Cboe and CME, Bitcoin has blasted cryptocurrencies into the mainstream.
New Investors
With new investors joining the crypto bandwagon by the day, the whole market is growing. Many new users begin with Coinbase, which supports Bitcoin, Ethereum, and Litecoin. But as buyers get comfortable with those markets—particularly when they don't exhibit major explosions in growth, such as Bitcoin this past week—they seek new options. ADA is undoubtedly receiving an uptick as a product of this global interest.
Furthermore, both new and established players are hoping to find the next coin to go 'to the moon' the way DASH, ETH, IOTA, LTC, NEM, and XRP have this year. This is especially true for coins that aren't regarded as "expensive"–ones you can buy at prices below $1. Though this actually has very little to do with value (0.1 BTC = $1900+), it tends to impact buyer psychology, particularly in new investors with little experience in crypto or traditional markets.
It's likely that many saw ADA—which has already seen jumps in growth this year—as an ideal horse in the current crypto race.
For more information on Cardano, including how to buy and sell ADA, visit the official Cardano Hub website.
Editor’s Note & Disclosure: The author invests in cryptocurrency markets. Neither the author nor Forbes endorses participation in any token sale or cryptocurrency investment, all of which have significant inherent risk. Seek advice from a financial advisor as well as do your own due diligence before considering investment.
Jesse Damiani is Editor-at-Large of VRScout, Series Editor of Best American Experimental Writing, and CEO of Galatea, a writing and project management tool for AR and VR stories.