Cardano (ADA) up 600% Year-to-Date as Google Searches for It Skyrocket

Thursday 04 March 2021, 12:50 AM AEST - 1 month ago

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Google searches for Cardano have skyrocketed this year as the price of the ADA token hit a new all-time high last week close to $1.5 and as new developments for the cryptocurrency improve its usability.

According to Google Trends data, searches for the now third-largest cryptocurrency by market capitalization surpassed their 2017 high last month, and have kept on growing since. Google searches for a cryptocurrency are often used to measure retail investor interest.

Cardano Search Interest via Google Trends

The metric has proven accurate as the 2017 bull rally was shown to be mostly fueled by retail investors betting on crypto, while the recent rally has failed to, for most cryptoassets, surpass the highs seen back in 2017. Googles estimates suggest search interest for Cardano is set to keep on growing.

According to CryptoPotato, search interest for the cryptocurrency may be going up thanks to vital developments in the project. The projects founder Charles Hoskinson has hinted new partnerships and integrations with major industry names are coming.

On top of that Cardanos long-awaited Mary protocol upgrade went live this week. The upgrade enhanced the cryptoassets security while enabling multi-asset combability in the network, as well as the development of decentralized applications.

Cardanos ADA is up 600% Year-to-Date

These developments, along with the surging retail investor interest, have helped the price of Cardanos ADA move from little over $0.18 at the beginning of the year to over $1.25 at press time.

ADAUSD Chart via TradingView

The price of ADA has been steadily moving up over the last few weeks, but dropped slightly after hitting a new all-time high near $1.5. Its correction came as BTC dipped below the $50,000 mark in a correction some market analysts deemed positive for the market.

ADAs price rise may have also been aided by whales buying up the cryptocurrency. ...

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