2021 was a very optimistic year in the cryptocurrency world, starting the year with a crypto market cap of $ 775 billion and ending the year at $ 2.3 trillion after reaching an all-time high in crypto market capitalization of nearly $ 2.3 trillion in early November $ 3 trillion was reached.
Cardano (ADA), the sixth largest cryptocurrency in terms of market capitalization, had a strong year with an excellent bullish performance of + 691%, which, according to CoinMarketCap, both Bitcoin (BTC) and Ethereum (ETH) with performances of 75% and 453 respectively % exceeded
Cardano (ADA) started the year with a market cap of $ 5.5 billion with a value of $ 0.18 in each coin and ended the final days of the year with a market cap of $ 49 billion with a value of $ 1.46 in each coin after hitting an all time high of $ 3.03 and a market cap of $ 97.52 billion in early September.
What made the Cardano price hit ATH in 2021?
ADA’s all-time high coincides with the Alonzo upgrade in early September. This upgrade has attracted a lot of attention and is the main fact that drove the price up, reaching an all-time high by mid-September where the price started to fall.
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Cardano’s long-awaited Alonzo upgrade finally went live, bringing the smart contracts to their blockchain so developers can create decentralized apps (Dapps) and step into the world of DeFi (Decentralized Finance) and NFTs.
“This upgrade is the culmination of six years of incredibly hard work with some of the brightest minds on the blockchain and beyond,” said Charles Hoskinson, founder of Cardano.
After hitting an all-time high of $ 3.03 in September, it started falling and going sideways by $ 2 in October, moving up from 10 as detailed below:
ADA / USD chart. Source: TradingView.
What’s next for Cardano (ADA) in 2022?
According to the WalletInvestor prediction algorithm model, they forecast a rising and a rising year for ADA price, ending the year by breaking the previous all-time high of $ 3.03 and yielding fewer returns than 2021, as you can see in the image below.
The story goes on
ADA / USD WalletInvestor forecast for 2022. Source: WalletInvestor
Other analysts expect this bull run to continue next year with a new ATH for Ethereum and Bitcoin and other cryptocurrencies, but nobody can really be certain that anything can happen in the crypto market. One thing is definitely true, however: 2021 was an important year for the Cardano (ADA) ecosystem and the year of DeFí and NFTs with its upgrade. Let’s hope 2022 will be the same or better if the global adoption of crypto continues.
This article was originally published on FX Empire