On Friday (May 7), the Cardano ($ADA) price broke the $1.74 level for the first time ever.
Data by TradingView indicates that at 13:07 UTC on May 7, on crypto exchange Kraken, ADA-USD hit $1.7480, setting a new all-time high.
One-Day ADA-USD Chart (Kraken) by TradingView
Currently (as of 17:52 UTC on May 7), Cardano’s $ADA token is trading around $1.6885, up 3.25% in the past 24-hour period. As for the year-to-date period, $ADA is up 829.27% vs USD.
YTD ADA-USD Chart (Kraken) by TradingView
crypto analyst and trader Michaël van de Poppe had this to say about the performance of $ADA against $BTC:
#Cardano is following the plan.
The old coins from 2017 are heating up nicely here.
And there’s still way more to come. pic.twitter.com/sejzPvDPpt
— Michaël van de Poppe (@CryptoMichNL) May 6, 2021
And then earlier today, Van De Poppe called $ADA’s latest price action against $BTC “beautiful”.
And there goes #Cardano. Beautiful. pic.twitter.com/kjx6btw2CB
— Michaël van de Poppe (@CryptoMichNL) May 7, 2021
On Wednesday (May 5), Van De Poppe said that he could see the price of Cardano’s $ADA token reaching $5.
Can #Litecoin reach $700?
Can #Cardano reach $5?
Can #Chainlink reach $100?
Can #Ethereum reach $5,000?
Can #Zilliqa reach $1?
I think yes.
— Michaël van de Poppe (@CryptoMichNL) May 5, 2021
In case you are thinking that $5 sounds a bit too optimistic a price target for Cardano, it is worth pointing out that this is far from being the most bullish price prediction for Cardano. On April 10, crypto analyst Justin Bennett told his over 39.3K followers on Twitter that he would not be surprised if the $ADA price ends up in the $20–$30 range.
Translation: $10 $ADA is conservative, and $20 – $30 wouldn’t surprise me.
— Justin Bennett (@JustinBennettFX) April 10, 2021
On Tuesday (May 4), crypto exchange Kraken announced that $ADA staking support had gone live.
We’re excited to announce our support for @Cardano $ADA staking!
Receive initial annual staking rewards between 4-6%, issued weekly with instant stake & unstake.
We look forward to the Pioneers Testnet & a new era for #Cardano 🚀 Learn more here 👉 https://t.co/SSEmk50dir pic.twitter.com/Y2lMJCOjai
— Kraken Exchange (@krakenfx) May 4, 2021
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.