As the bull run continues in the crypto market, Cardano’s ADA has become the third-largest cryptocurrency by market capitalization after Bitcoin and Ethereum’s Ether tokens.
The ADA prices are at their 12-week high. Earlier today, Cardano’s ADA crossed the $2 threshold and has jumped over 12% in the past 24 hours. Currently, the ADA is trading around $2.03 mark.
Last week, ADA reported a massive 46.5% surge in price. Following the uptick in value, ADA’s market capitalization is now past $65 billion leaving behind the popular stablecoin Tether USD and Binance Coin (BNB).
The unprecedented surge is largely attributed to Cardano’s upcoming launch of smart contract support on its main network through the Alonzo upgrade. While the latest upgrade will see smart contracts deployed and Dapps created on Cardano, it will put ADA at the forefront of other Ethereum competitors.
A Forbes report quotes Pete Humiston, manager of cryptocurrency exchange Kraken’s Intelligence research division noting: “With the market having already digested news that Hoskinson will provide more colour this Friday, the announcement itself poses the risk of being a classic.”
Cardano has always promised to be an alternative to Ethereum. However, critics of Cardano claim that it has been delaying the upgrades a bit too much and might miss the boat. However, the ADA prices rallying past $2 shows that Cardano still has the confidence of investors.