The Bloomberg Terminal has added Cardano (ADA), exposing the asset to a major swathe of professional investors.
This news is a major validation for the Ethereum competitor. Twitter users posted screenshots of the Cardano inclusion on March 15.
The image includes a brief explanation of what Cardano is and how it works.
#Cardano was just added to Bloomberg Terminal pic.twitter.com/vcpVGpwTEA— Jérôme S. (@CryptoJeromeFR) March 14, 2021
The Bloomberg Terminal is one that is used by professional traders and costs around $24,000 per year. It is a significant tool, and will likely grant Cardano a great deal of exposure.
Founder Charles Hoskinson even commented that he now gets “recognized at airports.”
Cardano’s Next Upgrade Will Introduce Smart Contracts
Cardano’s technical architecture is distinct from other blockchain networks. Years in the making, the project is currently undergoing a phased upgrade process. It’s currently in the Goguen phase, which is due for release soon.
The project launched its Shelley upgrade last year, which brought greater decentralization to the network. The upcoming phases deal with smart contract improvements, scaling solutions, and governance mechanisms.
However, there has been some skepticism concerning Cardano’s popularity. The network does not have any popular applications, which has left some investors wondering why it has been valued so highly.
Cardano Moon Shot
ADA has been one of the best performers in the ongoing bull market. Currently, ADA is ranked sixth in terms of market cap but for the past few weeks, it was trending in third place.
Prices have dipped slightly over the past 24 hours, but remain significantly higher than their pre-2021 levels.
ADA Price: CoinMarketCap
Cardano’s market value has been buoyed by the sudden surge in interest. Mike Novogratz, CEO of Galaxy Digital, has also inquired about the network and its applications.
Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.— Mike Novogratz (@novogratz) March 9, 2021
The asset made further headlines when Binance announced that it would support Cardano’s Mary hard fork and upgrade. Around the same time, Cardano liquidity mining also saw support on the Binance Smart Chain.
Goguen Upgrade Expected Soon
ADA has a chance to rise in value even further with the imminent arrival of the Goguen upgrade. This brings smart contracts to the network, which should greatly increase application potential.
The Goguen upgrade was preceded by Mary, which was put into effect on March 1. With native tokens and multi-asset support possible through the upgrade, developers will be able to build a decentralized economy on the network.
Such developments have spurred major firms to invest in the asset. Dubai-based FD7 Ventures recently put aside $250 million to fund companies building solutions on Cardano and Polkadot.
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Original Source: Be In Crypto Cardano Added to Bloomberg Terminal, Investors Scrutinize the Asset