Cardano’s ADA Surpasses Binance Coin and Tether To Become The Third Largest Cryptocurrency

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.

Source: Forbes

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

Protected: The Future of Work and the Role of Digital Transformation

This content is password protected. To view it please enter your password below: Password: ...
Read More

Baby Doge Coin, Casper, and Toncoin are now listed on BuyUcoin

Dear BuyUcoin users, We are excited to inform you that trading on the BuyUcoin EZ Market is now available for Baby Doge Coin, Casper, and Toncoin! Baby Dogecoin Meme cryptocurrencies ...
Read More

BuyUcoin digital exchange registers with FIU-India

BuyUcoin demonstrates its dedication to financial compliance for virtual digital assets by becoming a FIU Registered Reporting Entity Indian digital exchange for digital assets In accordance with the most recent ...
Read More

Software You Need For Crypto Trading, Investing, and Spending

The world of crypto finance is very exciting and still relatively new. So before you dive right in to crypto trading, investing, or even spending it, it pays to be ...
Read More

Protected: Investing Made Easy: How Personal Finance Apps Simplify Investment Management

This content is password protected. To view it please enter your password below: Password: ...
Read More
Share with Others