Cardano (ADA) is trending in the cryptocurrency news lately, and its recent increase of 25% in just 2 days has officially made the coin the third largest in the cryptocurrency market. Right now, ADA is trading at $2.50, and the latest ADA surge created FOMO (fear of missing out) for many potential investors.
Last week, ADA became the third largest cryptocurrency, swelling amid the anticipation for a new software upgrade which could position the token as a direct ETH competitor. The latest ADA surge to $2.50 positions the cryptocurrency at its all-time high, beating the previous record of $2.46.
Over the past month, ADA has surged by 85% as the founder of Cardano and the IOHK Charles Hoskinson teased a new September network upgrade known as Alonzo, which will enable the blockchain to process smart contracts and self-executing agreements between buyers and sellers. This is what has already helped Ethereum become one of the leading coins on the market, and what many expect to be ADA’s future.
The latest ADA surge has also come along with the news of a software upgrade, which indirectly boosted Ethereum (ETH) to post new highs in the recent weeks. The Ethereum news show many analysts predicting higher prices, but Cardano is still drawing many new investors who think that the coin has an impressive infrastructure and is deemed to hold the place of the third largest cryptocurrency for some time.
What’s interesting is that the founder of Cardano, Charles Hoskinson, is also a co-founder at Ethereum. He is very active on Twitter, and recently responded to a tweet mentioning Mike Novogratz (a famous Bitcoin bull) saying that Cardano requires less ETH to process transactions, and mocking Novogratz’s background in banking.
But Mike told me there is no adoption and traction…. https://t.co/dRmYCbDFo1
— Charles Hoskinson (@IOHK_Charles) August 19, 2021
With the latest ADA surge, many expect that the coin will keep on rising. The broader cryptocurrency market also responded well, and the total market cap now has added 3.7% over the last 24 hours.
Over the past year, ADA has skyrocketed by 1,300%, making it the best performing top five coin, compared to the returns of 1,030% for Binance Coin (BNB), 330% for Ethereum (ETH), and 59% for Bitcoin (BTC). However, we also need to mention that ADA crashed nearly 90% in less than two months in early 2018, when regulatory crackdown ushered the years-long bear market for the crypto industry.
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