According to CoinGecko, Cardano’s ADA has risen 12 percent in the last day to a new 12-week high, making it the world’s third-largest cryptocurrency by market capitalization.

Cardano’s ADA Third Largest Cryptocurrency

Since bouncing off $1.00 support on July 19, the cryptocurrency has been steadily rising and is currently trading at $2.03 as of 6:08 a.m. ET. The price of ADA has increased by 46.5 percent in the last week, bringing the asset’s market valuation over $65 billion, ahead of Binance Coin and Tether.

ADA's price according to Coinbase

The surge is partly due to growing anticipation for the next Alonzo upgrade, which is scheduled to bring smart contract capability to Cardano’s main network before the Cardano Summit in September. Charles Hoskinson, the project’s founder, said earlier this week that the formal launch date would be announced on Friday, August 13.

Cardano’s long-awaited upgrade might let it compete on an equal footing with Ethereum, which supports the vast majority of decentralized finance (DeFi) applications, such as lending protocols and exchanges that facilitate transactions without the use of intermediaries.

“With the market having already digested news that Hoskinson will provide more color this Friday, the announcement itself poses the risk of being a classic “buy the rumor, sell the news” type of event that entices market participants to take profit,” writes Pete Humiston, manager of cryptocurrency exchange Kraken’s Intelligence research division. “Should that be the case, market participants ought to keep a close eye on $1.50 support.” 

Bitcoin is currently priced at $46,380. Ether, BNB, Polkadot, and Uniswap have all gained 3-3.8 percent on the day.

Source: Forbes

Daily Crypto News- ADA Hits $2 For The First Time Since May ahead of Cardano Smart contract announcement

What Do Experts Say About the Bitcoin Price in 2030? A Glimpse Into BTC’s Future

Bitcoin has become a popular investment choice due to its potential for significant financial gains. A major consideration in investing in Bitcoin is predicting the cryptocurrency's value in the future ...
Read More
5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency There is no question that cryptocurrencies have established a new investing sector. With the value of digital currencies such as Bitcoin over ...
Read More
Crypto Tax In India Guide

Tax on Cryptocurrency In India – Complete Guide 2022

Wondering how taxation on crypto works in India? How much do you have to pay tax on cryptocurrency in India? How 1% TDS is levied on crypto? Don’t worry we ...
Read More

What Online Industries Affect The Growth of Crypto the Most in 2023?

A cryptocurrency is a form of digital asset that may be traded freely, independent of a bank or centralized authority. The $1 trillion cryptocurrency industry is now represented by 23,994 ...
Read More
shutterstock 659324809 1 1U2yg5

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More
Share with Others