Cardano has been added to the Bloomberg Terminal, a platform used by professional traders, in a move that could expose the cryptocurrency to a new wave of potential investors.
Cardano is a peer-reviewed blockchain that uses the native currency ADA. Despite the news, Cardano’s native cryptocurrency is following the broader crypto market’s downtrend, falling by almost 5% in the last 24 hours and 9.5% in the last seven days. However, since the start of 2021 ADA has seen high levels of growth—opening the year at $0.18 but currently sitting at $1.04.
In addition—according to Coinmarketcap—ADA ranks fifth by market capitalization among all cryptocurrencies with a total of $32 billion.
Days before Cardano was added to the Bloomberg Terminal, Galaxy Digital CEO Mike Novogratz pondered whether his Twitter followers could make a bull case for ADA. “Does anyone build on it? Use it? Why is market cap so high?” he wrote, adding, “Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life”.
What’s next for Cardano?
Cardano is in the midst of a phased upgrade.
The Cardano roadmap is organized into five eras: Byron, Shelley, Goguen, Basho and Voltaire. The Goguen phase, which aims to give Cardano users the opportunity to create and execute smart contracts on the Cardano network itself, is expected in the coming months.
In addition, Cardano has seen recent investment from the likes of FD7 Ventures, which recently set aside $250 million to fund companies building solutions on Cardano and Polkadot. The venture fund company reportedly said it was bullish on the growing non-fungible token (NFT) industry, which was part of the reason why it decided to support companies building on platforms that enable decentralized finance (DeFi) solutions.