- Cardano (ADA) — the fourth largest cryptocurrency based on market cap — has increased over 40% this past week. These are the details.
Cardano (ADA) — the fourth largest cryptocurrency based on market cap — has increased over 40% this past week as it went from $1.16 on May 23 at 2:30 PM ET to $1.64 as of the same time today. ADA is still off from its all-time high of about $2.4618 though, which happened in the middle of May.
One of the triggers for the price increase likely has to do with the Cardano team rolling out the Alonzo testnet on Friday. According to Decrypt, the Alonzo testnet is named after computer scientist Alonzo Church and it adds smart contracts to the blockchain — which means that Cardano is on the way to integrate decentralized applications to its blockchain. And the Alonzo mainnet is expected to launch by the end of August.
Cardano founder and Ethereum co-founder Charles Hoskinson discussed it in the YouTube video below:
Based on the current price of Cardano (ADA), the market cap of the cryptocurrency is about $52 billion compared to $61 billion for Tether (USDT), $283 billion for Ethereum (ETH), and $675 billion for Bitcoin (BTC).
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.