Cardano Becomes the Third Largest Cryptocurrency with Protocol Upgrades Around the Corner

Ahead of the Smart Contracts upgrade, Cardano’s price incurs a phenomenal surge.

Since yesterday, Cardano incurred an increase of 20% and for the first time since May 2021, Cardano (ADA) is trading for more than $2. With a market cap surpassing $65 billion, it has secured third place in the cryptocurrency category right after Bitcoin (BTC) and Ethereum (ETH) as Tether falls behind.

The unexpected uproar has come as a result of the conjecture about the functionality of smart contracts. Additional details about ADA’s upcoming Alonzo Hardfork and the release of smart contracts onto the network are expected to be issued by the founder, Charles Hoskinson.

The trading volume of Cardano has incurred a surge of 250% in less than a week, as pressure from the board to buy has risen, per Santiment.

Per IOMAP, Nothing can stop Cardano from setting new records. 20,000 addresses have been used to purchase $150 million ADA in the price range of $2.15-$2.20. Market investors may hurry to buy in if prices close decisively above this resistance level, thus sending prices even higher.

As the Alonzo Hardfork is likely to occur at the beginning of October, market participants could potentially sell if the network upgrade is to be delayed. Should these circumstances emerge, $1.72 – $1.79 is the most substantial support level at which $2 billion ADA are held by more than 100,000 addresses.

 Also read: As Miners Relocate Overseas, Bitcoin Mining Difficulty Continues to Surge

 

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