Cardano (ADA) Sets a New ATH, Becoming The Third-Largest Crypto

Cardano (ADA), the public blockchain platform rose by around 19% to set a new all-time high (ATH) of about $2.55. This resulted in the coin becoming the third-largest cryptocurrency by market cap.

Cardano (ADA) Sets a New ATH, Becoming The Third-Largest Crypto
Cardano (ADA), Image: Messari

At the time of writing, Cardano (ADA) is trading at $2.47 with a 24 hours market cap of $80.7 billion. This means it is more than Binance coin’s (BNB), which is $72.1 billion, according to data provider Messari.

As of now, Cardano (ADA) is keeping its run from Thursday’s race, where it approached new price highs. ADA has been on a drop in recent weeks. However, it is up 150% from July 21 lows of $1.

Even more, Cardano's daily close is above the $2.50 resistance level. According to a classic bullish technical analysis pattern sign, Cardano (ADA) is about to hit another new all-time high soon if this trend continues.

Cardano (ADA) is one of the projects that are still gaining momentum throughout 2021. More so, the project's long-awaited smart contract (Alonzo) capabilities are about to come alive. As a result, the crypto is in the range of setting new all-time highs.

In addition, it appears like the “Alonzo” upgrade is having a significant influence on the investor viewpoint. According to the team, the upgrade is regarding smart-contract functionality and addresses is what critics call one of the network’s most obvious losses.

Of note, smart contracts are revolutionizing the strength in the blockchain industry because they have enabled the creation of DeFi protocols, non-fungible tokens (NFTs). Also, a new form of taking out trades without the need for an intermediary.