Cardano

ADA Market Cap Rise Pushes Cardano to The Number 3 Spot

Today has seen Cardano (ADA) push Tether off the number three spot in total market cap rankings after reaching a high of $2.05 (at the time of writing). The price of ADA has not been that high since the all-time high of $2.29 back on the 17th of May this year.

Since Friday the 4th of June, the price has looked to collapse, dropping by $0.78 in only just over 8 weeks. However, in a surprise turn of events, in just over 3 weeks, we have seen a huge market cap increase from $45,815,242,224 to $65,824,296,733 in only four days!

Trading Volume Increase

The current trading volume is just over $6.25 billion, which has not only pushed Tether down a place but also Binance Coin (BNB).  While there are still eight billion dollars to go to reach the all-time high, it might be possible with the current trends.

Did Alonzo Create the Push?

Charles Hoskinson, one of Ethereums original founders launched the public testnet smart contract on the 9th of August, which was also the start of the ADA bull run. Alonzo, marked as the purple update in the Cardano roadmap, is also the penultimate update on their smart contract updates.

Alonzo yellow and red, the final stage, focuses on scalability and governance within the network.

Yellow – BASHO

The Basho, or yellow, stage of Cardano promises:

“the Basho era will see Cardano become one of the most high-performance, resilient, and flexible blockchain platforms in the industry.”

Red – VOLTAIRE

The Voltaire, or red, stage of Cardano promises:

“The Voltaire era of Cardano will provide the final pieces required for the Cardano network to become a self-sustaining system. With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network.”

The Future

The question on everyone’s mind at the moment is: can Cardano become a contender for the top two spots?

With second place Ethereum having a market cap over $300 billion more than Cardano, it doesn’t look likely. However, getting into the top three cryptocurrencies by market cap is certainly something to be very proud of and something for us to watch very closely.

Cryptocurrency news enthusiast with a passion for writing and providing information to people.

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  1. Pingback: Cardano, Dogecoin, and XRP Explode During the Last Hours

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