Cardano (ADA) saw a number of upgrades in the last few months, which brought not only new functionalities, such as smart contracts support, but also a massive increase in interest and usage. As a result, the project’s price skyrocketed, and so did its market cap, allowing it to become the 4th-largest cryptocurrency.
Now, ADA also seems to have attracted a new major supporter — Galaxy Digital’s Mike Novogratz, who is well-known in the crypto world for his undying support for Bitcoin.
Cardano’s surging market cap attracts major interest
Novogratz first expressed his interest in Cardano in a recent tweet, when he addressed the community, asking about the bull case and use cases of the project. He also addressed Cardano’s massively increased market cap, which sits at $37.3 billion at the time of writing.
Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.
— Mike Novogratz (@novogratz) March 9, 2021
He asked if anyone builds on Cardano’s network, or uses it, asking why is the market cap so high all of a sudden. He confessed that he never traded Cardano in the past, which makes it one of the few coins that he avoided until now.
However, given that ADA has a daily trading volume of over $5.1 billion, there is little doubt that the project is seeing more than a little usage.
Novogratz delves deeper into the crypto world
As mentioned, Novogratz is no stranger to the crypto
