CryptocurrencyTrading Signals

Cardano Ranks 3rd after Surging 11%

The recent price actions have Cardano (ADA) ranking third in the crypto market. Remember, the altcoin increased to a twelve-week high after gaining 11%.

Cardano (ADA) had its value surging by 11.1% since yesterday, claiming a twelve-week high earlier today. Such positive price actions saw the altcoin trading around $1.99.

According to the latest data by CoinGecko, ADA trades 43.1% high over the past week. That saw the alt leading the top cryptocurrencies with gains.

The recent upside price movements pushed Cardano’s market capitalization to $63.43, translating a 3.17% of the overall market cap. With such actions, ADA managed to overtake Tether, being the 3rd largest crypto.

While writing this content, ADA trades around $2.03 as its 24-Hr trading volume stands above $6 billion. Keep in mind that the altcoin trades roughly 20% lower from its record highs at $2.45 on 16 May.

Formed by one of ETH’s former co-creators, Charles Hoskinson, Cardano is a blockchain platform that uses the Proof-of-Stake consensus. Developers can use the platform to create decentralized applications after the network launches its smart-contract feature. ‘Smart’ contracts are codes that execute instructions and commands automatically.

For now, Cardano prepared for the Alonzo fork, an upgrade that will install the awaited contract feature. Hoskinson declared that Cardano would join the DeFi world with the anticipated update. That will allow investors to take advantage of smart contracts to borrow, trade, and lend without intermediaries.

Cardano Nears Its ATH

Cardano managed to overcome the $1.09 resistance as it targets $2. If the coin breaks over the mark, it might register a record ATH. With the current position, Cardano will require a single rally to claim the high as it appears to be only 20% away.

For now, most analysts believe that Cardano will attain new highs due to the Alonzo upgrade. Hoskinson stated that they would announce the upgrade’s date later today.

The recent ADA actions have attracted users to the platform. However, beware that crypto risks exist if you want to invest in Cardano. Meanwhile, most market players predict more highs for the crypto market. Nevertheless, the correct sentiments will be necessary to support stable upside moves.

Feel free to share your views below.

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