It has been an eventful year for many cryptocurrency projects, including Cardano (ADA). In 2021, Cardano made a number of major updates that will prepare the network for potentially great things in 2022. In this article you will find an overview of the biggest developments of this year regarding Cardano.
Cardano price 700% in the plus
Starting with the cardano rate. The ADA price opened the year 2021 with a price of $ 0.182 and has risen sharply, partly due to the major updates. At the current price of $1.43, ADA is up 700%.
So this year was also a new one all-time high (ATH) established. The highest price ADA has ever reached is currently at $3.16 on crypto exchange Binance. Compared to the price at which 2021 was opened, cardano was currently more than 1,600% in the plus!
Cardano Mary hard fork
What were the updates that fueled the positive sentiment? First, that was the Mary hard fork in maart. That update made it possible to transfer tokens, and therefore also non-fungible tokens (NFT’s) launch on the network. It was an important step in the development of Cardano, which, like Ethereum (ETH) wants to provide a foundation for other projects to build on.
A look at our 2021 highlights ????#Cardano #blockchain pic.twitter.com/PtHkjk3XpJ
— Cardano Foundation (@CardanoStiftung) December 23, 2021
Launch of smart contracts
However, the biggest update of 2021 was de Alonzo hard fork in Sept. That update made it possible to smart contracts to be developed on Cardano. This finally made it possible to decentralized finance (DeFi) launch applications. Expectations surrounding this update led to the aforementioned ATH of $3.16.
Nevertheless, Cardano is still at an early stage and there is no word yet on large numbers of projects on the network. The fact that the Cardano ecosystem did not explode immediately may have been the reason for the correction of more than 50% since the Alonzo update.
How will 2022 turn out for Cardano? At Crypto Insiders we will at least keep you informed of the last crypto news!
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