What’s behind the meteoric rise in obscure cryptocurrency Cardano?

Cryptocurrency Cardano has shot up in value to become one of the crypto-world’s biggest currencies behind Bitcoin and Ethereum. Saloni Sardana looks at what it is and why it’s become so popular.

Cardano illustration
(Image credit: © Getty Images/iStockphoto)

A stunning price rally that has caused cryptocurrency Cardano (ADA) to explode almost 600% over the past three months is causing many in the industry to scratch their heads and wonder what’s behind it.

Billionaire Michael Novogratz, the current chief executive of Galaxy Investment Partners, took to Twitter last week to find out why ADA, which was trading as low as $0.12 in December, is now trading at around $1.02.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni