As network developers aim to capitalise on the global surge in decentralised finance, a little-known digital token linked to the Cardano blockchain has eclipsed other popular alt-coins to become the world’s third-largest virtual currency.
Cardano’s native coin, ADA, is currently trading on cryptocurrency exchanges and has defied a huge price crash warning to reach an all-time high, exceeding the previous record. The ADA/USD rate of exchange topped $2.56 for the first time on Friday, completing a 154.54 percent price hike that began on July 20. Despite renowned trader Peter Brandt’s warning of a price drop based on a typical bearish pattern, this was achieved.
With the price of the ADA coin surging by about 50% in only the last week, there is growing optimism that new technological developments will enable Cardano payment systems sooner than the originally announced September 12 deadline. This will allow Ethereum’s network to provide profitable services like DeFi, which Ethereum now dominates.
ADA investors are driving the value of Cardano upward in anticipation of the planned “Alonzo” upgrade, which is set to be published on September 12. Cardano will be able to establish itself as a credible contender in the decentralised finance (DeFi) field thanks to the Alonzo upgrade, which will bring smart-contract* capability to the blockchain.
Due to its still-relatively low price and good promotion as one of the prospective “Ethereum killers,” ADA is one of the most sought-after cryptocurrencies for beginner traders. Cardano is one of the most popular cryptocurrencies in the crypto industry, and ADA is one of the most sought-after cryptocurrencies for beginner traders due to its still-relatively low price and potential future.
Cardano has risen steadily as a result of its ability to handle smart contracts—self-executing agreements between buyers and sellers—while Ethereum, Cardano’s main opponent, continues to dominate the $100 billion decentralised finance market.
The Solana blockchain ecosystem has recently begun to take shape with DeFi and NFTs, but despite the fact that Cardano has no actual use cases yet, the cryptocurrency’s market valuation is over four times that of Sol’s $20 billion. On the backs of speculators and the promise of a wonderful and incredibly transparent development team, Cardano has nearly risen from the ashes.
ADA is among the top-five best-performing cryptocurrencies, with gains of 1,300 percent in a year, beating increases of 1,030 percent for Binance Coin, 330 percent for Ether, and 59 percent for Bitcoin, among other cryptocurrencies. The token, on the other hand, is very exposed to the broader cryptocurrency market’s tremendous volatility.
Now the focus now shifts to the September 12 “Alonzo” upgrade and how it relates to ADA’s current uptrend. If all goes well, ADA might become Ethereum’s principal competitor, ushering in a new era in the cryptocurrency industry.