Cardano has rewarded its investors with significant gains this year, with a growing number of holders joining the coveted millionaires' society following the latest ADA cost surge.

Since the start of the twelvemonth, the number of millionaire investors in ADA has increased more 13-fold to 6,710 as of May 17, according to Britain-based news bureau Finbold. Using data from Coin Metrics, the agency determined that in that location were just 504 ADA addresses worth at least $1 meg on Jan. 1.

The number of active ADA addresses as well grew by 417.81% between Jan. 1 and Apr. 28.

ADA'due south value has skyrocketed nearly 1,040% since the start of the year, upward from $0.18 to $2.08 at the time of publication. The cryptocurrency peaked closer to $2.xl earlier in the calendar week, setting multiple record highs in the procedure.

As Cointelegraph recently reported, ADA has entered a new price discovery stage, which ways further upside could be in store over the short term. The cryptocurrency at present has a market capitalization of $66.1 billion, placing it in the 4th position among active projects. ADA has overtaken Dogecoin (DOGE), Tether (USDT) and XRP amid the latest rally.

Perhaps equally as of import is the fact that ADA appears to be bucking the current crypto market downtrend. Over the past seven days, ADA has appreciated by nineteen%. By comparison, Bitcoin (BTC) has declined 22.6%, and Ether (ETH) is down 15.2%.

In addition to having one of the well-nigh defended cryptocurrency communities in the industry, Cardano is also benefiting from positive news from Input Output Hong Kong, or IOHK. The smart contract platform'due south development arm recently explained that its forthcoming Alonzo upgrade is existence gradually deployed to the mainnet in May and June.

IOHK also recently partnered with the Ethiopian government to revamp the African nation'southward education system. Nether the partnership, IOHK volition deploy its blockchain solutions across the country, with up to 5 million students potentially benefiting from the program.