ADA Is 1,304.71% Up YTD, Boasting Other Major Metric Spikes After Hitting New ATH

ADA Is 1,304.71% Up YTD, Boasting Other Major Metric Spikes After Hitting New ATH

Data science company IntoTheBlock has tweeted that as Cardano’s native asset ADA reached a new all-time high of $2.55 earlier today, it also showed major rises in several key metric directions, which have pushed ADA to the new historic peak along with the upcoming smart contract launch in September.

ADA boasts a surge in several crucial metrics

Earlier today, ADA demonstrated a 20-percent rise in the past twenty-four hours before hitting the new historic peak of $2.55 on the CoinMarketCap analytics website.

According to the recent tweet published by the IntoTheBlock team, ADA by now boasts a year-to-date price increase of a whopping 1,304.71 percent. Besides, it has shown a surge in the amount of new holders – 1.484 million by now, which is a result of a 233-percent increase.

The number of addresses in profit is now 20 percent up from 80 percent. Aside from that, ADA has shown a record number of hodlers, which totals 226,000.

The major factor for the coin’s growth to a new all-time high, IntoTheBlock believes, was Cardano announcing that the feature for creating smart contracts would be released in September as part of the Alonzo hard fork.

$ADA blasted through the previous ATH propelled by the anticipated launch of smart contractsA recap of the performance YTD1,304.71% price increase1,.484m new holders (233% increase)Addresses in profit increased from 80% to 100%Record number of hodlers (226k)— IntoTheBlock (@intotheblock) August 20, 2021

Institutional investors are attracted to ADA

As covered by U.Today earler, CoinShares data has revealed that over the past week, ADA received $1.3 million inflows from financial institutions via this company. That well exceeded inflows in XRP, XLM and DOT.

For the past month, the amount of inflows in ADA totals $2.1 million. At the moment, the overall amount of ADA under the company's management is worth $47 million.

Besides, the largest crypto hedge fund Grayscale Investments has recently added Cardano's native asset to its list of crypto-based trusts. Grayscale ADA Trust is the third most popular among its institutinal customers.

Cardano is working on a new stablecoin

As reported by U.Today earlier this week, Cardano developers have released a concept of a new algorithmic stablecoin protocol called Djed.

Djed will be able to avoid major issues usually stumbled upon by other stablecoins. Cardano devs are working on an algorithmic stablecoin. It will be able to integrate into any type of DeFi protocols easily.

Djed will also have an autonomous bank – thanks to its smart contract design, the process of minting new coins and backing them with the base coin will be stable and controlled.

Initially, Djed will be backed by USD, but it can be pegged to any fiat currency.