The price of Cardano has risen 19%this Thursday, beating Binance coin and standing in the Third place of the most valuable cryptocurrencies on the market according to Sebastian Sinclair at Coindesk.
Cardano (ADA), the native cryptocurrency that powers the public blockchain of Charles Hoskinson, has reached new all-time highs and has surpassed Binance’s native token in total market capitalization.
At press time, ADA’s market capitalization is 80.7 billion dollars in comparison with the $ 72.1 billion of binance coin (BNB), as shown by the provider’s data Messari.
The ADA price is up a staggering 19% on the day and continues its momentum since Thursday’s run where it came close to setting new price highs. The cryptocurrency has exploded in recent weeks and is up 150% from the July 21 lows of $ 1.
ADA is currently changing hands for around $ 2.49 after hitting its all-time high of $ 2.55 during Asian business hours.
Strong levels of daily buyer volume, the highest since late May, are matching price action on the way up, indicating the demand on the strength and conviction of the ADA trend.
It would seem that the update “Alonzo” is having a significant impact on investor sentiment. The update seeks to usher in the functionality of smart contract and address what critics have described as one of the network’s most glaring shortcomings.
The update is scheduled for October 1, though some are betting it will be passed over and released at some point later.
Cardano has gone through multiple phases of development, including the Byron’s founding phase and Shelly’s decentralized phase, which saw the introduction of delegated participation. According to Cardano’s roadmap, smart contracts will be activated when the project enters its third era, Goguen.
Cardano was founded by the co-founder of Ethereum, Charles Hoskinson, in 2017 and aims to compete directly with Ethereum and other decentralized application platforms as a more scalable, secure and efficient alternative.
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