Cardano (ADA) Records New All-Time High ATH
The price of Cardano (ADA) reached an all-time high of $ 2.64 this morning, beating the previous record of $ 2.54 set on Friday. ADA is now trading at $ 2.58, up 4.5% from yesterday, according to data from cryptocurrency metrics site CoinGecko.
Cardano is a blockchain project led by Ethereum co-founder Charles Hoskinson. The altcoin surpassed stablecoin Tether on Aug. 13 as the third-largest cryptocurrency, with a market capitalization of $ 82 billion. ADA is up 17% in the last week and 116% in the last month.
Cardano's price hike began in earnest on August 10, when Hoskinson "pre-announced" the date that smart contracts would be integrated into the platform as part of the Alonzo network upgrade later this year. Three days after that "announcement of an announcement," the development company behind Cardano, Input Output, revealed that the date was September 12.
Last month, Cardano got a big boost when investment firm Grayscale listed the coin in the portfolio of the Digital Large Cap Fund. At the time of writing, 4.26% of the fund is invested in ADA. 67.47% of the fund is in Bitcoin and 25.39% in Ethereum.
Other top-10 cryptocurrencies have not joined the Cardano celebration today. Markets have turned slightly red, with Bitcoin and Ethereum down 0.7% and 1.5%, respectively.
Bitcoin approached $ 50,000 yesterday, as it reached $ 49,700. But that price mark turned out to be too difficult to knock down; the price has fallen back to $ 48,800.
Overall, however, the cryptocurrency market has rebounded strongly from the slump in recent months. On Friday, the total capitalization of the cryptocurrency market again surpassed $ 2 trillion. While the rising numbers bring back joyous memories of spring, Cardano is having the time of his life.
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