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Ethereum-competitor Cardano has now become the world’s fifth-largest cryptocurrency unsettling Tether (USDT). Cardano (ADA) has surged 17% today hitting its new all-time high of $2.18 with its market cap hitting $69.2 billion for the very first time.

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The cryptocurrency is just marginally away from toppling the recently popular Dogecoin (DOGE). Over the last week, Cardano has registered solid returns with its price gaining more than 33% on the weekly charts. It has also been one of the top-performing cryptocurrencies in 2021.

Cardano’s ADA has given nearly 13x returns year-to-date or we can say 1200% return since the beginning of 2021. Meaning, Cardano has even surpassed the top-most altcoin Ethereum (ETH) by a good margin of nearly 3x.

This price rally in Cardano has been backed by strong network developments taking place over the last few months. Besides, Cardano has been making inroads to the underprivileged markets of Africa offering its blockchain solutions. in the country.

Cardano’s Penetration in South Africa

Last month, Cardano’s parent company IOHK announced its partnership with the World Mobile Group to make inroads in the African market like Ethiopia and Tanzania. Using the Cardano blockchain, Africans will be able to create digital identities, mobile and internet connections, as well as enhancing financial acceptance within the community.

CEO of Wold Mobile Micky Watkins said:

”World Mobile has built network based on a new relationship between people and connectivity in which ownership, governance, and identity work to empower the user and make access available to all in a sustainable way. I am delighted to have formed this symbolic partnership with Input Output. Together our efforts will open a new world.”

Besides, IOHK also announced its partnership with the Ethiopian government for developing a blockchain-based system that tracks students’ educational progress in the country. Cardano’s identity solution protocol will help to track educational efforts across 3500 schools with 750,000 teachers and 5 million students.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.