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.
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.