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- The price of ADA rose by a staggering 19% on the day
- BNB has been pushed to the fourth position
- The crypto asset is up 150% from July 21 lows of $1.
Cardano has unseated Binance Coin as Third-Most Valuable Crypto. The price of ADA rose by a staggering 19% on the day and has pushed BNB to the fourth position.
Cardano (ADA) is the native currency of Charles Hoskinson’s public Blockchain. Its values have been surging for some time now and have hit a new all-time high. The coin has surged ahead of Binance’s native token in total market capitalization.
As of press time, the total market capitalization of Cardano (ADA) stood at $80.7 billion compared to Binance coin’s (BNB) $72.1 billion, data from provider Messari shows.
The Cardano (ADA) blitzkrieg has sent the price soaring by 19% on the day.
The Cardano (ADA) blitzkrieg has sent the price soaring by 19% on the day. The Bull Run commenced from Thursday, where it came close to setting fresh price highs. The crypto asset has been searing the path in recent weeks and is up 150% from July 21 lows of $1.
ADA at present is changing hands at $2.49 after reaching its record high of $2.55 during the Asia trading hours. Healthy buyer volume, which has peaked since the end of May, is matching price action on the way up, signalling demand in the strength and conviction of ADA’s trend.
The native token of the Cardano Blockchain has touched a new all-time high, and it could rise even further with investors awaiting a September release for the planned “Alonzo” upgrade for the Blockchain. The promotion will start smart-contract functionality and thus address something skeptics have described as one of the network’s most glaring deficiencies.
Alonzo upgrade eagerly awaited by investors.
According to Lead Cardano developer Input Output, a timeline for the Alonzo upgrade has been set, targeting Sept. 12 for the final release date. The upgrade, which will enable Smart-contract functionality, would allow Cardano to incorporate more applications, including decentralized finance (DeFi) platforms that allow for automated cryptocurrency lending and trading. The upgrade will take the cryptocurrency to a better position to effectively compete with Ethereum, currently the leader among blockchains with smart-contract functionality.
Cardano has gone through several metamorphosis phases. This includes the foundational stage Byron and decentralized phase Shelley which saw the introduction of delegated staking. According to the Cardano roadmap, smart contracts will go live when the project enters its third incarnation, Goguen.
Founded by Ethereum Co-Founder Charles Hoskinson in 2017, Cardano hopes to one day reach the same league OF Ethereum and compete with it and other decentralized application platforms as a more scalable, secure and efficient alternative.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
