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The value of Cardano ADA/USD soared more than 21% on Sunday evening, reaching levels not seen since November 2022, surpassing the gains recorded by apex cryptocurrency Bitcoin BTC/USD and Ethereum ETH/USD.
What happened: At the time of writing, ADA, the eighth largest cryptocurrency by market cap, was trading at $0.33.
Two main factors determine the price of Cardano. Its recent implementation of the Vasil hard fork in September was seen as a major catalyst for the advancement of blockchains.
See more: Best Crypto Day Trading Strategies
Second, some of the recent excitement surrounding Cardano has been attributed to its co-founder, Charles Hoskinson.
Hoskinsons company, Input Output HK, is preparing to launch its upcoming Lace wallet and Hoskinson recently announced that ADA could be used as payment at its new Hoskinson Health & Wellness clinic in Wyoming.
Analyst View: Cryptocurrency trader Lark Davis was taken aback by ADA’s incredible price surge, asking, “Have they found a cure for cancer or something?”
Trader Dan Gambardello boldly stated that ADA is undervalued and oversold.
Price Action: BTC was trading at $17,207 up 1.54%. ETH at $1,309, up 3.66% in the last 24 hours, according to Benzinga Pro Data.
Read next: Bitcoin surges above $17,000, Ethereum and Dogecoin extend gains: Analyst predicts crypto rally this week, but don’t get carried away
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