After Registering 11% Gains On Sunday, Where Is ADA Heading Now?
On Friday, a significant upgrade will be released for the Cardano blockchain. The data from crypto statistics website Nomics indicate that the 4th largest digital currency by market capitalization, ADA, has surged around 11% on an early Sunday morning achieving, the price to $1.6 approximately while the significant part of the market remains still.
At present, the price of ADA is resurfacing to the point previously witnessed on Wednesday, when its price reached at $1.78 approximately. However, Cardano (ADA) still has a long way to go from its record high of around $2.46, which the blockchain project attained two weeks before on the 16th of May 2021.
Cardano will start releasing its smart contract platform Alonzo testnet from Friday. The most recent update is titled after Computer Scientist and Mathematician Alonzo Church. The update will add smart contract functionality to the project. In layman’s terms, Cardano is firmly on its way to incorporate decentralized apps into its network. The most recent update will fully be launched by the latter half of August.
The Cardano project creator Charles Hoskinson on Youtube mentioned that the integration path, community path, coordination path, and the most vital engineering path all would be for the next ninety days until the update is completely rolled out.
The latest update after integrating the smart contract feature will made Cardano a direct rival of Ethereum, the 2nd largest coin holder blockchain by market cap. Ethereum had the smart contract feature since 2015, while the DeFi market has increased by roughly $60b since the previous January.
Usually, whenever new functionality has been added, the price of the asset goes up. However, in terms, of Cardano’s ADA, the price plummeted closely following the Alonzo news was made public on Friday. ADA leaned with the industry, which had plummeted around 8% in 6 hours. Regardless, the current price recovery has increased ADA’s price by 25% in the previous week.
The project Cardano currently enjoys a market capitalization of roughly $52 billion. Which is about $1b greater than the Binance coin. BNB and ADA both jockeys each other for 4th place on the market cap list. ADA market capitalization is $10b less compared to the USDT Tether stablecoin and approximately $127b less than Ethereum’s market capitalization.