Cardano has rewarded its investors with significant returns this year. After the recent ADA price increase, more and more owners are joining the coveted millionaire club.
Since the beginning of the year, the number of millionaire investors in ADA has multiplied by more than 13. according to the Finbold news agency by May 17 to 6,710 based in the UK. Using data from Coin Metrics, the agency found that there were only 504 ADA addresses worth at least $ 1 million as of Jan. 1.
The number of active ADA addresses also increased 417.81% between January 1 and April 28.
The value of ADA is up nearly 1,040% since the start of the year, rising from $ 0.18 to $ 2.08 at the time of writing.The cryptocurrency peaked at $ 2.40 earlier in the week, putting up multiple records in the process.
As Cointelegraph recently reported, ADA has entered a new phase of pricing. which means there could be more hikes in the short term. The cryptocurrency now has a market capitalization of $ 66.1 billion, This puts it in fourth place among the active projects. ADA has exceeded Dogecoin (DOGE), Tether (USDT) and XRP during the last rally.
Perhaps equally important is the fact that ADA appears to be weathering the current downtrend in the cryptocurrency market. In the past seven days ADA estimated 19%. In comparison, Bitcoin (BTC) is down 22.6% and Ether (ETH) is down 15.2%.
Not only does Cardano have one of the most dedicated cryptocurrency communities in the industry, but it also benefits from positive news from Input Out Hong Kong (IOHK). The development arm of the smart contracts platform recently announced that the next update of Alonzo will be rolled out gradually on the mainnet in May and June.
IOHK recently teamed up with the Ethiopian government to overhaul the African country’s education system. As part of this partnership, IOHK will deploy its blockchain-based solutions across the country and up to 5 million students can benefit from the program.