In the last 24 hours, Cardano (ADA) has been trading with the price in a range between $ 2.83 and $ 3.06 and has managed to rank third among all cryptocurrencies, of course after Bitcoin and Ethereum, thus registering its all-time high.
What is Cardano (ADA)?
Cardano (ADA) is an open source blockchain platform designed on a proof-of-stake consensus protocol that validates transactions without high energy costs. The cryptocurrency ADA got his name from Augusta Ada Byron, or Ada Lovelace, known for practically laying the foundations of computing. Was daughter of the poet Lord Byron and is considered the first computer programmer.
The price of Cardano (ADA)
The price of Cardano has risen almost 20% in the last 7 days. At the time of publication, Cardano price is $ 2.99 and it has a market capitalization of $ 96 billion.
This change pushes Cardano's market capitalization up to $ 98.90 billion, thus reaching 4.32% of the total cryptocurrency market. At its highs, the Cardano market had peaked at $ 94.11 billion.
Why is the price of ADA increasing?
What led to the price level breakout was the successful launch of smart contracts on the Cardano blockchain testnet, via the Alonzo hard fork.
After the smart contract functionality is successfully implemented on Cardano, the blockchain Proof of Stake (PoS) will be on par with platforms like Ethereum that already support the creation and use of decentralized applications.
The update of Alonzo enter numerous changes on the Cardano blockchain, with the availability of smart contracts, which can accommodate a wide range of decentralized finance (DeFi) and NFT protocols.
ADA it has also shot up because is traded on various crypto exchanges in Japan.
Director investment firm Arcane Asset, Eric Wall, has been criticized multiple times by the Cardano community and its supporters for being too skeptical about the possible increase in ADA.
According to the software engineer, Cardano's smart contract launch on September 12 it will also be disappointing in terms of what can be achieved. This is because it will not be the launch of a finished product but of a financial instrument with limitations.
Eric Wall concludes with a provocative and severe tweet to the Cardano community, implying that their analysis is objective and not influenced by personal preferences.