Cardano breaks above $3, nearly twice more valuable than the Nigerian stock market

There has been a huge rally for Cardano (ADA). The price has now reached record highs following the announcement of the network update previously firing investors’ imaginations.

During Cardano’s upward trend, its market cap increased to $96.1 billion, or 4.32% of all cryptocurrencies. Cardano’s market capitalization was $94.1 billion at its highest, while the Nigerian Stock Exchange currently values the market at $49.8 billion (N20.4 trillion).

Cardano was up 10.01% on Thursday on the FTX exchange, trading above $3. A percentage gain of this size hasn’t been seen since August 27.

Approximately six weeks ago, the rally in cryptocurrencies began on a broad front. A particular example is ADA, since the price gained more than 180% during this time.

According to market capitalization, Cardano moved up two positions in the rankings, and currently occupies the third position behind Bitcoin and Ethereum.  For the day, Cardano traded between $2.836796 and $3.036047.

The fast-rising altcoin gained more than 12% in value over the past week.

According to CoinMarketCap, Cardano traded for $5.52 billion in the twenty-four hours leading up to the writing of this article, which was 4.35% of the total trading volume of all crypto assets. In the past 7 days, Cardano has ranged in price between $2.4992 and $3.0360. It is now trading at a new all-time high.

Right now, there is still evidence that a rally is impending, but as the price of shares rose sharply, the air is getting thinner and thinner.

Cardano’s upcoming upgrade, Alonzo, which adds smart contracts to the network, has sparked a rally.

Cardano is expected to replace Ethereum on the DeFi market, a process called “flipping”. Ethereum is expected to be scalable. A key advantage of Cardano over Ethereum is its proof-of-stake mechanism, whereas Ethereum is currently working on improving its consensus mechanism.

The third most valuable crypto provides faster network speeds as well. It already manages more than 250 transactions per second (TPS), while Ethereum manages only 15 TPS.