In the past 24 hours, the Cardano (ADA) cryptocurrency has been trading for a price in the range of $ 2.83 to $ 3.06 and has managed to place third among cryptocurrencies , naturally after Bitcoin and Ethereum, thus registering the its all-time high.
What is Cardano
Cardano (ADA) is an open-source blockchain platform designed on a proof-of-stake consensus protocol that validates transactions without high energy costs. The ADA tokens have been named in honor of Augusta Ada Byron , or Ada Lovelace, known for having practically laid the foundations of information technology. She was the 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 , Cardano’s price is $ 2.99 and it has a market cap of $ 96 billion.
This change 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
The successful launch of smart contracts on the Cardano blockchain testnet, the Alonzo hard fork, led to the break in the price level .
After the smart contract functionality is successfully implemented on Cardano, the Proof of Stake (PoS) blockchain will be on par with platforms such as Ethereum that already support the creation and use of decentralized applications.
Alonzo’s update is expected to introduce numerous changes to the Cardano blockchain, with the availability of smart contracts, it can accommodate a wide range of decentralized finance (DeFi) and NFT protocols .
ADA is also up because it will be listed on several crypto exchanges in Japan .
Chief Investment Officer of investment firm Arcane Asset, Eric Wall, has been criticized multiple times by the community and Cardano supporters for being considered too skeptical about the possible rise of ADA.
According to software engineer, even the smart launch contract of September 12 of Cardano 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 a financial instrument with limits .
Eric Wall concludes with a provocative and harsh tweet towards the Cardano community, implying that his analyzes are objective and not influenced by personal preferences.