Cardano: ADA price flies above $3

In the last 24 hours,  Cardano (ADA) has been trading with the price in a range between $2.83 and $3.06 and has managed to rank third among all cryptocurrencies, of course after Bitcoin and Ethereum, thus recording 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 cryptocurrency was named after Augusta Ada Byron, or Ada Lovelace, who was known for practically laying the foundations of computer science. She was the daughter of the poet Lord Byron and is considered the first computer programmer.

Cardano is third by market cap, behind Bitcoin and Ethereum

The price of Cardano (ADA)

Cardano’s price has risen almost 20% in the last 7 days. At the time of publication, Cardano’s price is $2.99 and has a market cap of $96 billion.

This change pushes Cardano’s market capitalization up to $98.90 billion thus reaching 4.32% of the total cryptocurrency market. At its highs, the Cardano market had peaked at $94.11 billion.

Why is ADA rising

What led to the price level break was the successful launch of smart contracts on the testnet of Cardano’s blockchain, through the Alonzo hard fork.

After the smart contract functionality is successfully implemented on Cardano, the Proof of Stake (PoS) blockchain will be on par with platforms like Ethereum that already support the creation and use of decentralized applications.

The Alonzo upgrade is expected to introduce numerous changes to Cardano’s blockchain, with the availability of smart contracts, can accommodate a wide range of decentralized finance (DeFi) and NFT protocols.

ADA has also skyrocketed because it is being listed on several crypto exchanges in Japan.

The Chief Investment Officer of investment firm Arcane Asset, Eric Wall, has been criticized several times by the Cardano community and supporters for being too sceptical about the possible rise of ADA.

According to the software engineer, Cardano’s September 12 smart contract launch will also be disappointing in terms of what can be achieved. This is because it will not be the launch of a finished product but of a financial instrument with limitations.

Eric Wall concludes with a provocative and harsh tweet to the Cardano community, implying that his analysis is objective and not influenced by personal preferences.