Cardano hits seven day high

The price of Cardano’s native cryptocurrency ADA soared to $1.13 last week.

It marks a seven-week high, and a level not seen since the early days of February.

This came with increased trading volumes, making it one of the top ten best performing cryptocurrencies last week, According to CoinMArketCap, ADA made weekly gains of almost 35%.

The price boost is likely to be down to recent news that one of the largest crypto exchanges in the US, Coinbase, is now offering staking for the native cryptocurrency.

The act of staking is a process on proof-of-stake (PoS) blockchains whereby there is active participation in transaction validation.

PoS blockchains live and survive from users committing a portion of their crypto holdings to the network to receive a share of new-minted coins in return. This is unlike the way Bitcoin minted, which relies on the overall power of thousands of computers.

Cardano uses smart contracts, similarly to Ethereum. These smart contracts aid in the development of creating non-fungible tokens (NFTs) and decentralized finance (DeFi) applications.

While Cardano seems to be the highest competitor, several other cryptocurrencies have seen success over the last week too.

Dogecoin saw highs of 13.9%, with SOL performing well on the Solana blockchain seeing levels rising to 10%, with the price of Harmony (ONE) not too far behind increasing at levels of 6.9%.

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Updated: 03/29/2022 — 20:00