Billionaire investor Mike Novogratz has shown interest in the fourth-largest cryptocurrency by market capitalization, Cardano (ADA), amid its ongoing price rally that saw it surpass the $1 mark after growing over 500% this year.
On Twitter, Novogratz asked his over 200,000 followers if any of them could make a “rel bull case for ADA,” following the question up with whether anyone is building on it, using it, or why its market capitalization is as high as it currently is.
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
Cardano founder Charles Hoskinson responded to Novogratz’ tweet, saying he would be happy to chat with the investor. Novogratz is a well-known cryptocurrency investor and was one of the first Wall Street analysts to embraced the cryptocurrency space.
He founded Galaxy Digital in 2018, a digital asset merchant bank that offers multiple services including asset management, advisory services for businesses, trading, and principal investing in companies. Earlier this year, he revealed he expects the U.S. Securities and Exchange Commission (SEC) to approve a Bitcoin ETF within 12 months.
Novogratz’ questions about Cardano’s ADA come as retail interest for the cryptocurrency hits a new all-time high amid an ongoing price rally that has seen ADA’s price move up over 500% year-to-date, going from $0.18 at the beginning of the year to $1.16 at press time.
ADA’s price has been going up thanks to vital developments in the project. Hoskinson has hinted new partnerships and integrations with major industry names are coming. On top of that Cardano’s long-awaited “Mary” protocol upgrade went live this week. The upgrade enhanced the crypto asset’s security while enabling multi-asset combability in the network, as well as the development of decentralized applications.
ADA’s price rise may have also been aided by whales buying up the cryptocurrency. As CryptoGlobe reported, Dubai-based cryptocurrency investment fund FD7 Ventures has announced it’s selling $750 million worth of bitcoin to increase its positions in Cardano and Polkadot.
Last month Gene Simmons, the iconic bass player of the popular rock bank Kiss, announced he has invested $300,000 into Cardano (ADA), shortly after announcing positions in other cryptocurrencies including BTC, ETH, and DOGE.