Cardano (ADA) Hits New ATH at $2.55

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ADA, the native token running Charles Hoskinson’s blockchain network, has its value hitting a record high following the lucrative leg ups over the previous sessions. With such moves, the altcoin surpassed BNB as far as the overall market cap is concerned.

While writing this content, Cardano has its overall market cap stands around $80.7 billion while Binance’s token (BNB) hovers at $72.1 billion (data from Messari).

Cardano’s ADA gained a whopping 19% in today’s sessions as it extends its Thursday’s upticks that had it nearing a fresh record high. The alternative token has seen impressive movements over the recent weeks, gaining over 150% from its 21 July lows.

For now, ADA trades near $2.49 after the early sessions that had it at its highest point near $2.55 in Asia sessions.

Increased buyer volume, the highest since May end, matches price actions on the upside, indicating increased demand to support ADA’s current trend.

For now, it appears that the Alonzo update has a significant impact as far as Cardano price movements are concerned. With the upgrade, the network will launch the smart-contract feature and solve some of the platform’s deficiencies highlighted by critics.

Analysts speculate that the upgrade will take place on 1 October. However, some believe that it might take more time.

Keep in mind that ADA has gone through many developmental phases. For instance, in the decentralized Shelly and the foundation phase, the platform introduced delegated staking. According to the roadmap by Cardano, the Alonzo upgrade will happen when the network enters Goguen, its 3rd era.

Keep in mind that Charles Hoskinson, ETH co-founder, created Cardano in 2017. Hoskinson’s objective is to compete with ETH and other DApps sites, offering more secure, efficient, and scalable crypto services.

Cardano’s ADA has surged 1,300% since the start of 2021. That way, the coin joined the top-five performers of this year. BNB returned 1,030%, ETH 330%, and BTC 59% as the crypto dominated the financial space. However, ADA’s susceptibility to broader-marketplace volatility had it witnessing wild swings.

The overall market gained around 4% to hover at $2 trillion as Cardano surged overnight.

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