Cardano Achieves Record-Breaking High Ahead of the Eagerly-Awaited ‘Alonzo’ Launch
Within the past 10 days, Cardano (ADA) has increased by more than 50%.
This has allowed it to climb to the third spot of the globe’s most popular digital currencies, with its market capitalization now estimated at $80 billion.
In its crazy ride, the cryptocurrency hit a record-breaking high of $2.58. Unfortunately, its increment had already started tapering off by Saturday morning.
Cardano’s impressive gains are being attributed to the eagerly-awaited “Alonzo” advancement. This new upgrade will make smart-contract functionality and an array of other DeFi programs possible on the Cardano network.
It’s expected that the Alonzo upgrade will be introduced as soon as September.
The Cardano platform was co-established by Charles Hoskinson, who previously held the CEO position of Ethereum.
Since its debut in 2017, Cardano has grown to become a solid contender in the crypto industry. In particular, it’s become a serious threat to the Ethereum blockchain, which prides itself in dominating the DeFi services market.
Between August 10 and August 20, the price of Cardano climbed from $1.70 to $2.58. At press writing, it’s trading at $2.45.
The absence of smart-contract functionality had been identified as one of Cardano’s greatest setbacks. Suffice to say, it’s one of Ethereum’s primary strengths.
The main concept behind these smart contracts is to provide a means of guaranteeing that agreements are validated safely.
Despite the excitement surrounding the Alonzo launch, there are a few individuals who are skeptical about the success of the Cardano coin.
Early this month, Hoskinson decided to respond to the naysayers through a tweet saying that he would pay for the critics to undertake therapy sessions.
In the meantime, the crypto market seems to be reaching its peak thanks to the recent rallies in Bitcoin, Ether and Cardano. It just recently passed the $2 trillion mark.