Cardano 3rd top performing crypto

Cardano’s ADA advances as top 3 coin in crypto market

Cardano’s ADA became the third-largest digital asset in the crypto sphere following its bullish trend that started on August 9 increasing its price by over 50%. From its US$1.95 price on August 14, ADA value rose and is currently trading at US$2.50. 

The staggering increase in value of ADA followed the anticipated update announced by InputOutput, the lead developer of the Cardano network, last August 13. This rising cryptocurrency replaced stablecoin Tether (USDT) from the third spot of top-performing digital assets in market capitalisation.  

Crypto investors and enthusiasts are waiting for the ‘Alonzo’ release that’s set to update the Cardano blockchain on September 12. The upgrade would allow ADA stakeholders to utilise the automated function of DeFi platforms for automated cryptocurrency lending and trading. 

Moreover, this move will usher in the smart contracts functionality that can potentially dominate the decentralised finance (DeFi) market along with Ethereum and Binance blockchains. 

Cardano is expected to experience a bullish upturn following the rapid price increase of ADA coins. Its 50-day moving average now points up after the downward trend of volatile movement last May 2021, as reported by Cointelegraph. 

However, the rally was met with criticism and scepticism among influential people in the crypto sphere. One of which is the Chief Executive Officer of crypto investment firm Galaxy Digital LP, Mike Novogratz, turning to Twitter to express his opinion, ‘I spoke to twenty of the smartest people I know in the space, and zero of them saw Cardano having traction.’ 

Despite the sceptics, ADA continues to climb higher in terms of value, jumping 1,400% more from its price last year at US$0.12. 

Antoni Trenchev, the founder and managing partner of crypto lending platform Nexo told Bloomberg that Cardano is tussling with number 2 crypto Ethereum to be the preeminent blockchain offering smart contracts.

‘Most people outside crypto have never even heard of Cardano—yet here it is with a market cap,’ Trenchev added.

Cardano is one of the youngest blockchains in the market, only being launched in 2015. Its promise, according to its site, is to create a more scalable network that would reduce energy consumption in the blockchain mining process. 

This cryptocurrency patterned after Ethereum’s features like smart contracts and decentralised apps (dApps) is one of the many digital assets that gained momentum in 2021. Currently, the total market capitalization of Cardano is at US$81.5 billion. 

Get the latest cryptocurrency updates on Cardano and other top performing digital assets at Cryptoshimbun!

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