The value of Cardano ADA/USD spiked more than 21% late Sunday, reaching levels not seen since November 2022, outpacing gains recorded by apex cryptocurrency Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: At the time of writing, ADA, the eighth-largest cryptocurrency by market capitalization, was trading at $0.33.
There are two major factors driving Cardano's price. Its recent implementation of the Vasil hard fork in September was seen as a major catalyst for the blockchain’s advancement.
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Second, some of the recent enthusiasm surrounding Cardano has been attributed to its co-founder, Charles Hoskinson.
Hoskinson’s firm, Input Output HK, is making preparations for its upcoming Lace wallet launch and Hoskinson recently announced that ADA could be used as payment at his newly opened Hoskinson Health & Wellness Clinic in Wyoming.
Next Month, open for business pic.twitter.com/yj2pHqLdpl
Analyst View: Cryptocurrency trader Lark Davis was amazed by ADA's incredible price surge, asking: "Did they figure out a cure for cancer or something?"
#cardano $ada up 20%! Did they figure out the cure for cancer or something?
Trader Dan Gambardello has boldly declared that ADA is undervalued and oversold.
$ADA is undervalued and oversold. Fear will blind most people, making them unable to see it.
Zoomed out in 5 years it will make so much sense.
Save this tweet.
Price Action: BTC was trading at $17,207 up 1.54%. ETH at $1,309, up 3.66% in the last 24 hours, according to Benzinga Pro Data.
Read Next: Bitcoin Pushes Past $17K, Ethereum, Dogecoin Extend Gains: Analyst Predicts Crypto Rally This Week But Don't Get Carried Away
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