In the last 24 hours, the Cardano cryptocurrency (ADA) traded with a price in the range of $ 2.83 to $ 3.06 and managed to place itself in third place among cryptocurrencies, naturally after Bitcoin and Ethereum, thus recording its all-time high.
What is Cardano
Cardano (ADA) is one open-source blockchain platform designed on a proof-of-stake consensus protocol that validates transactions without high energy costs. THE ADA token they were named in honor of Augusta Ada Byron, or Ada Lovelace, known for practically laying the foundations of computer science. It was there daughter of the poet Lord Byron and is considered the first computer programmer.
The price of Cardano (ADA)
The price of Cardano has risen nearly 20% in the past 7 days. At the time of publication the price of Cardano is $ 2.99 and has a market cap of $ 96 billion.
This shift pushes the Cardano’s market cap to $ 98.90 billion, making it 4.32% of the total cryptocurrency market. At its highest, the Cardano market peaked at $ 94.11 billion.
Why ADA is going up
To lead to the breaking the price level was the success of the launch of smart contracts on the testnet of the Cardano blockchain, the Alonzo hard fork.
After the smart contract functionality is successfully implemented on Cardano, the blockchain Proof of Stake (PoS) it will be on par with platforms like Ethereum that already support the creation and use of decentralized applications.
The update of Alonzo should introduce numerous changes to the Cardano blockchain, with the availability of smart contracts, it can host a wide range of decentralized finance (DeFi) and NFT protocols.
ADA is also splashed because will be listed on several exchanges crypto in Japan.
The Chief Investment Officer of investment firm Arcane Asset, Eric Wall, has been criticized multiple times by the community and Cardano supporters for being considered ttoo skeptical on the possible rise of ADA.
According to the computer engineer, too the launch of smart contracts on 12 September from Cardano it will be disappointing in terms of possible results to be obtained. This is because it will not be the launch of a finished product but of one financial instrument with limits.
Eric Wall concludes with a provocative tweet and harsh towards the Cardano community, implying that his analyzes are objective and not influenced by personal preferences.