The price of Cardano (ADA) has reached an all-time high of $2.85 earlier today, breaking the previous record of $2.64 set earlier on Sunday. At the time of writing ADA trades for $2.79, up 11% on a daily chart, according to CoinMarketCap data.
Cardano is the native token of a blockchain project started and led by Ethereum co-founder Charles Hoskinson. The altcoin overtook the place as the third-largest cryptocurrency. Its market cap currently stands at $88 billion, $13 billion ahead of Binance Coin, and $25 billion more than Tether. ADA is up 29% over the past week and 132% in the past 30 days.
Cardano’s price surge began in earnest on August 10, when Hoskinson ‘announced when planned to announce’ the launch date when smart contracts would be integrated on the platform as part of the Alonzo network upgrade. Three days after that “announcement of an announcement,” the development company behind Cardano, Input Output, disclosed the date as September 12.
Cardano received a big boost when investment firm Grayscale’s Digital Large Cap Fund included the asset in its portfolio in July. 4.26% of the fund is invested in ADA. 67.47% of the fund is held in Bitcoin and 25.39% in Ethereum.
At the time of writing the who top 10 is flagging green sentient. Bitcoin just broke $50,000, with 3% profit on a daily chart. Ethereum is trading at $3,338 with 3.5% profits on 24 hour window.
Overall the cryptocurrency market has made a strong recovery from the spring crash and summer slump. On Friday, the total market cap of cryptocurrencies once again passed $2 trillion. While the rising figures bring back from a correction phase earlier spring.
Source: Cardano (ADA) Reaches All-Time High, Bitcoin Breaks $50K, Rally Continues – Fintechs.fi