Although Bitcoin became the best-performing asset class of the decade this year when its price surged to over $63,000, Ethereum and Cardano are nowhere near Cardano's year-to-date return on investment performance.
According to data from CryptocurrencyChart, ADA is now one of the top coins with the highest ROI this year. According to this data, if you had invested in ADA at the beginning of the year, your investment would have grown by 1,421 percent annually. In the last year, Bitcoin has returned only 277 percent, but Ethereum has returned 625 percent.
According to data from CoinGecko, ADA has been so hot in the market in the previous week that it is now placed among the top four largest cryptocurrencies by market valuation in the world. ADA had a 48 percent ROI in the last week, compared to Bitcoin's +2 percent and Ethereum's +1 percent.
Not only that, but ADA broke through to $2 per coin for the first time this week, marking a significant milestone. That was a tremendous price increase of 1,400 percent. Bulls have been riding the crest of a wave of pending smart contracts that will go live next month. In the cryptocurrency world, news about upcoming launches and other significant events generally sparks pumping much before the events themselves take place. However, for ADA, things don't appear to be slowing down, as the introduction of smart contracts is likely to boost dApp interest in the network.
Many people are familiar with Dogecoin, Bitcoin, and Ethereum, but few are familiar with Cardano or ADA. Furthermore, the network has received a lot of flak from people who assumed the blockchain would never be able to support smart contracts.
Given the unexpected pricing, billionaire Michael Novogratz, founder and CEO of Galaxy Digital, claimed last month that ADA was a strange cult, although this and other critiques appear to have had little effect on the coin's performance. He responded again today, claiming that there is a better alternative to ADA in the form of $LUNA and $SOL, but admitting that he has realized that ADA and Cardano have a strong community behind them.
In yesterday's live stream, Charles Hoskinson responded to criticisms by suggesting that the debut of smart contracts on September 12 will silence them.
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