The Cardano closed at $1.575848, after achieving a high of $1.593421, and a low of $1.508744. The ADA/USD extended its bullish streak for the third consecutive session, reaching almost $1.600. According to a senior writer and anchor at Yahoo Finance, Zack Guzman, the famous ex-hedge fund manager, and major cryptocurrency investor, Mike Novogratz has called Cardano a “weird cult”. According to Guzman, Novogratz was shocked by the valuation of Cardano and said that things like Cardano do not die easily.

According to Novogratz, Bitcoin provided us with the idea that tokens can be created and used as an object to connect a community. He added that the code was not valuable anymore, but the social construct and brand were. He also compared ADA to DOGE and said that people might be able to debate the value of Dogecoin, but they cannot argue against its satire.

The comments by billionaire Novogratz got the attention of Cardano co-founder Charles Hoskinson, who also noted that fair, transparent, community-led cryptocurrencies were somehow cult. He added that, in simple words, the billionaire Novogratz wanted to state that there was no backdoor for getting in at a favorable price or for manipulating the market like the rest of the VC coins are doing. ADA found support after these comments and placed minor gains for the day.Meanwhile, the US dollar remained consolidated within a tight range, with zero movement throughout the day, because the investors were awaiting the monetary policy decision from the Fed, which is due on Wednesday, and were cautious about placing any strong bid ahead of it. This kept the greenback flat during the trading session and limited the upward momentum in the ADA/USD on Monday.

Furthermore, there was no macroeconomic data from the US on Monday, and this put further pressure on the greenback. As a result, the US Treasury Yield on the benchmark 10-year note rose to 1.50%, but this failed to provide the US dollar with any significant support.