The cryptocurrency Cardano is once again talking about itself through new price gains. Up to $ 1.69 it went in the meantime to a new all-time high. The recent gains are likely to be mainly due to the ADA news that Kraken is now allowing the staking of the digital token.
Yields between 4 and 6 %
Thus, investors have the opportunity to deposit their own Ada coins and collect interest on them. In this way, users can build up a passive crypto income.
The new function was set up on May 4. This makes Cardano the seventh digital token to be equipped with a so-called staking pool at Kraken. According to the crypto exchange, investors can expect an annual return of between 4 and 6%. The returns, which are issued as so-called staking rewards, are distributed weekly and can be reinvested directly to benefit from the compound interest effect.
Next update already at the end of July?
In addition to the new staking possibilities, investors are eagerly awaiting the latest updates of the network itself. The further development of Alonzo is still in the development phase and is currently only made available to selected partners of the cryptocurrency. In the course of a hard fork the update should be played. However, this is likely to take some time. Whether there will be a release in late July or early August, as Cardano founder Charles Hoskinson plans, is still unclear.
Investors who want to invest in Cardano should first buy an Ada wallet. Next price increases are then quite conceivable. The closer it gets to the release of Alonzo, the better the short-term Cardano forecast will be. As is so often the case in the crypto market, the higher the interest in a token, the more likely the prices will rise.