Billionaire investor Mike Novogratz showed interest in the fourth largest cryptocurrency by market value, Cardano (ADA), amid rising prices that saw it surpass the $ 1 mark after growing more than 500% this year.
At the TwitterNovogratz asked his more than 200,000 followers about Cardano (ADA), trying to understand why his market capitalization is so high today.
Cardano’s founder, Charles Hoskinson, responded to Novogratz’s tweet, saying he would be happy to talk to the investor. Novogratz is a well-known cryptocurrency investor and was one of the first Wall Street analysts to embrace the cryptocurrency market.
He founded Galaxy Digital in 2018, a commercial bank of digital assets that offers a variety of services, including asset management, business advisory services, commerce and corporate core investment. Earlier this year, he revealed that he expects the United States Securities and Exchange Commission (SEC) to approve a Bitcoin ETF.
Novogratz’s questions about Cardano’s ADA come at a time when the interest in cryptocurrency reaches a new historical record amid an ongoing price hike that saw the ADA price rise more than 500% year-to-date, from $ 0.18 at the beginning of the year to $ 1.16 so far.
The price of ADA has gone up thanks to vital developments in the project. Hoskinson suggested that new partnerships and integrations with big names in the industry are coming. In addition, the long-awaited update to Cardano’s “Mary” protocol went live this week. The update increased the security of the cryptocurrency, allowing the combination of various assets on the network, as well as the development of decentralized applications.
The ADA price increase may also have been aided by whales buying the cryptocurrency. As reported by CryptoGlobe, cryptocurrency investment fund FD7 Ventures, based in Dubai, announced that it is selling $ 750 million in bitcoins to increase its positions in Cardano and Polkadot.
Last month, Gene Simmons, the iconic Kiss bassist, announced that he had invested $ 300,000 in Cardano (ADA), shortly after announcing positions in other cryptocurrencies, including BTC, ETH and DOGE.