More than 6,700 Cardano holders have now joined the coveted “millionaire’s club” after the altcoin recently saw unprecedented price surges.
The United Kingdom-based news agency Finbold used data from Coin Metrics back on January 1 to determine there are 504 Cardano addresses holding at least $1 million. But as of May 17, this number grew by more than 13-fold and increased to 6,710, indicating a significant number of holders and investors were rewarded substantially by the cryptocurrency.
Moreover, the number of addresses holding Cardano jumped by 417.81% from January 1 to April 28.
The Cardano’s ferocious rally
Since the start of the year, Cardano’s value rose by more than 1,000%, from $0.18 to $1.83 at the time of writing and peaking near $2.40 earlier this week when the digital currency also set multiple record highs.
Experts believe the crypto asset has entered a new price discovery phase and further upside can be expected. Its market capitalization is now valued at $53.8 billion, sitting at fifth place among active projects, surpassing Dogecoin and Tether.
According to CoinGecko, over the past seven days, Cardano is only up by 2.9%. However, in comparison, crypto heavyweights Bitcoin and Ethereum are both in decline over the same period, being down 28.8% and 25.9%, respectively.
The driving force behind Cardano’s rally
While most of the crypto market is panic-stricken over the continuing slump of Bitcoin and other cryptocurrencies, Cardano is silently making its own rally.
The altcoin is benefiting from having one of the most dedicated cryptocurrency communities in the industry as well as from positive news from its development arm – Input Out Hong Kong (IOHK), with the anticipated Alonzo upgrade set to be gradually deployed to the Mainnet in May and June.
Recently, IOHK entered into a partnership with the Ethiopian government to revamp its education system through its blockchain technology and be deployed across the country.
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