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- Cardano (ADA) is the third most important cryptocurrency
- The and the remain below the historical highs of April and May
- ADA records new all-time highs
- The ADA rally could be a signal for the rest of the asset class
- Alonzo update pushes ADA to new highs
Cryptocurrencies have been rising since their lows at the end of June. Bitcoin and Ethereum have hit a series of highs in the last six weeks. Each of them has returned to the levels observed in May.
Cardano, one of the top three cryptocurrencies, hit the $ 2.40 level in mid-May. After hitting lows around $ 1.12 in July, the price soared, eclipsing the mid-May peak last week.
Cardano’s rally could be a sign of what’s to come for the cryptocurrency asset class.
Cardano is the third most important cryptocurrency
Cardano is a public blockchain platform. It is open source and decentralized, and consensus is achieved through proof of stake. Cardano facilitates peer-to-peer transactions with its internal cryptocurrency, the ADA. In 2015, Co-founder Charles Hoskinson founded Cardano.
The Cardano website states that it is:
“A blockchain platform for change drivers, innovators and visionaries, with the tools and technologies necessary to create possibilities for crowds, as well as individuals, and bring about positive global change.”
As of early September 2021, cardano is the third leading cryptocurrency.
As the graph shows, at the $ 3.0451 level per coin, cardano’s market capitalization stands at more than $ 98.9 billion, third behind bitcoin and ethereum, but ahead of fourth and fifth cryptocurrencies, binance coin and the stablecoin tether ,.
Bitcoin and Ethereum remain below April and May all-time highs
At the end of August, they were at the $ 47,210 level.
As the graph highlights, bitcoin was roughly 27.9% below its all-time highs of mid-April 2021 on August 31.
At the $ 3,415 level on Aug. 31, Ethereum was around 22.5% below its all-time highs of May 2021.
Meanwhile, cryptocurrency cardano has been on the rise as bitcoin and ethereum rebounded from late-June lows, hitting new highs.
Cardano Records New All-Time Highs
On Thursday, August 26, the ADA hit new all-time highs at $ 2.9442 per coin. As of today, Thursday, September 2, it has risen even more, to $ 3.0123 at the time of writing.
The graph shows the recent rise of the ADA. In May, when Ethereum broke the $ 4,400 level, the ADA hit $ 2,3091. The price broke that level on August 18 and hit new highs in early September.
The ADA coins are named after Augusta “Ada” King, or Ada Lovelace, a 19th century British countess known for her work on a theoretical computing engine. She was the daughter of the poet Lord Byron and was probably the first computer programmer.
The ADA rally could be a signal for the rest of the asset class
As of the end of August, 11,521 cryptocurrencies were trading in the asset class, with a total market capitalization of $ 2.1 trillion. The top three, bitcoin, ethereum and cardano, had a combined value of $ 1.381 trillion or more than 65.7% of the entire asset class. Ethereum is more than four times more valuable than cardano, and the value of bitcoin is about 10 times higher.
Meanwhile, the ADA’s rise to third position is a sign that altcoins are moving into the cryptocurrency landscape.
As a sign of that strength, and perhaps reinforcing the rise of cardano, coti, a payments-focused altcoin supported by Cardano, began trading on Coinbase (NASDAQ 🙂 in late August. The price rose from 29 cents to 45 cents, an increase of 55%, although it has fallen a bit more since then. The coti was the 161st cryptocurrency at the end of August, although at the time of writing it has dropped to 190. At 34.2 cents, the market capitalization of the cryptocurrency stands at almost $ 300.88 million.
Alonzo update pushes ADA to new highs
The current rise in the price of cardano came after announcing a major upgrade – fork – called Alonzo, which is scheduled to launch on September 12. Alonzo will introduce smart contracts on the blockchain.
The ADA also skyrocketed with the listing of the ADA on the Japanese stock market. Japan’s regulatory environment is one of the strictest in the world when it comes to entering the market. The Japanese stock market allows trading with bitcoin, ethereum and. The ADA joined this elite class of cryptocurrencies, propelling the market capitalization to third place in August 2021.
Keep an eye on the ADA, as the Cardano protocol is attracting a lot of attention.
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Cardano jumps to all-time highs. Will it outrun bitcoin and ethereum? | Investing.com