Retail investors appear to have flooded the third-biggest cryptocurrency by market cap – Cardano’s ADA. Google searches have skyrocketed to new highs in the past few weeks, coinciding with the latest price record for the ADA token.
Google trends data is generally a good indicator of the behavior of retail investors, especially when it comes down to the cryptocurrency space. The number of Google searches for a specific token/project provides a rather accurate estimation of the overall interest.
According to more recent data from the world’s largest search engine, the blockchain project Cardano has become the latest frenzy for smaller investors. The number of Google searches has exploded since the start of February.
Firstly, they broke the previous record set during the 2017/2018 bull run. However, the interest only intensified in the following weeks as projections estimate that the searches will more than double by the end of the current week (by March 6th, 2021).
The surging interest for Cardano comes amid several vital developments from the blockchain project.
The founder, Charles Hoskinson, recently hinted at new partnerships and integrations with major industry names, while the long-anticipated “Mary” protocol update went live earlier this week. Apart from enhancing security, the upgrade enables multi-asset compatibility for the network and building decentralized applications.
The demand for Cardano’s native cryptocurrency has also been on the rise in the past several weeks. A fitting example came last week when a Dubai-based investment fund announced plans to sell $750 million of its Bitcoin holdings and to allocate the funds into ADA and DOT.
Somewhat expectedly, the network developments, the growing appetite from retail investors, and crypto funds have impacted the price of the ADA token positively.
The asset entered the new year at about $0.18. Since then, though, it blew up following a 700% surge to a new all-time high at nearly $1.50 a few days ago. Despite retracing slightly since then and currently trading at $1.25, ADA is still roughly 600% up year-to-date.
Naturally, this impressive performance boosted the market capitalization, and ADA became the third-largest digital asset by that metric with a market cap of $40 billion.
