Cardano (ADA), a less-known cryptocurrency, has raced to become the third-largest. Its price surged to an all-time high, surpassing Binance’s native token. Accordingly market valuation.
At the current price of $2.82, Cardano’s market capitalisation stands $90.60 billion, according to CoinMarketCap. In the last 24 hours, its price has risen by almost 11.3 percent. Its year-to-date is much more than Bitcoin or Ethereum, currently at 1,4444%.
In the last two weeks, the cryptocurrency market has seen a rally with total market capital surpassing $2 trillion. After their plunge in May, Bitcoin and Ethereum are leading the charge. New altcoins are also rallying in the price race.
Cardano, a proof-of-stake blockchain, is considered to be a direct competitor to Ethereum and Solana. The upcoming upgrade to ‘Alonzo” has caused a price rise.
Smart contracts will be added to the blockchain with the September update. The development team stated in a tweet that “it’s an important moment” and added that smart contracts will be introduced to the blockchain. This update is expected to be launched in September.
Cardano’s bullish trend gained momentum after it was authorized to list in Japan, which is known for having one of the most stringent listing criteria globally. It will be listed in Tokyo on August 25, 2021. The native is now listed alongside elite coins such as Bitcoin, Ethereum, and Litecoin, which are also traded on the Japanese stock exchange.
Cardano’s reputation for being a “green currency” attracts crypto enthusiasts who are looking to work with sustainable and environmentally-friendly digital assets. This makes Cardano more efficient than Ethereum and Bitcoin, which are less efficient in energy consumption.