Cardano price hits all time high, beats Binance coin to rank 3rd after Bitcoin, Ethereum

Cardano, a comparatively lesser-known cryptocurrency, is the newest to make it into the big leagues. Termed as the ‘Ethereum killer’ by cryptocurrency investors, Cardano (ADA) has now beaten Binance coin to reach the top three. The coin is currently at an all-time high, rising over 20% in the last 24 hours. ADA’s shocking restoration from a $1 trillion crash to occupy third place after Bitcoin and Ethereum have left many crypto enthusiasts surprised.  

ADA makes it to the big leagues 

Cardano is on the rise and this comes at a time predicted to be a ‘quiet one’ by market analysts. Cardano (ADA) volumes swelled based on a software program improvement that would assist the foreign money to face subsequent to Ethereum, which is currently second to only Bitcoin. According to CoinDCX, the digital coin hit an all-time on Monday and is valued at Rs 214 at the time. The coin has now rose greater than 18 % this year, within the course of surpassing Binance coin.

The sudden rally in the crypto’s value is attributed to the upcoming ‘Alonzo’ upgrade. It's the final test phase of the project, which will end in the network finally getting smart contracts capability. This part will permit good contract performance and a variety of decentralized finance functions in the Cardano community. Good contract capabilities have been the sturdy factors of most cryptocurrencies and ADA might have finally blown up on the basis of the same.

While the new update is likely to land on September 12, yet another update known as Goguen is on the deck for the coin. The ‘Alonzo’ upgrade has got the investors excited as it could be a game-changer. Cardano is now four times the size of Solana in terms of market cap. However, the practical use side of ADA is still to be explored.

What is Cardano and ADA Token?

As per the Investopedia website, Cardano is a decentralised third-generation proof of stake blockchain platform. Cardano is similar in function and application to other major proof of stake blockchains such as Ethereum. However, Cardano is different from other blockchains as the developers use peer-reviewed scientific research as the building blocks for updates, to make sure any changes made are useful and scalable. ADA is the token used to pay fees and use as a form of payment on the Cardano blockchain. In the crypto community, the ADA coin is usually referred to as Cardano. 

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