- When other cryptocurrencies have ups and downs, Cardano surges in price.
- Cardano hits 17% growth this weekend.
- The Alonzo smart contract seems to be the reason for the price hike.
The crypto market has faced some ups and downs in the previous week. Leading cryptocurrencies like Bitcoin (BTC) and Ethereum have also doomed. Bitcoin was struggling to reach the $40,000 level last week.
However, the situation is different for Cardano (ADA), as it sets to be the reverse trend with a surge in price. Last weekend, Cardano surges to 17% hitting $1.7.
The launch of the smart contract for Alonza by Input-Output IOHK seems to be the reason for Cardano’s price hike. This latest smart contract development will result in the development of dApps and other DeFi solutions on the platform.
Cardano is the proof-of-stake blockchain platform found in 2015, and its internal cryptocurrency is ADA. There are about 31 million active ADA coins in circulation.
With this development, Cardano hopes to compete with Ethereum, which is currently the leading blockchain for dApps. Ethereum’s fees are too high, while Cardano has improved with its utility. Besides, early investors may be the first to experience the Alonzo blue next month.
Cardano’s Price Analysis
Currently, Cardano holds fifth position on CoinMarketCap and is expected to rise. Added to this, ADA surged over 3.43% trading at $1.76 with trading volume of $3,797,993,738.
Although, with Cardano other coins also have been rising in the crypto market. The market capitalization this year has soared to $2.5 trillion. While Bitcoin and Ethereum rose by 3.5% and 4%. Cardano has led this recent rise, with a market capitalization of $52.9 billion.
Moreover, crypto fans are expecting this kind of positive trend so that the future of cryptocurrency cannot be distorted.
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