Cardano defying crypto market correction, up by 12%

The fourth most valuable crypto by market value is enjoying amazing buying pressures amid price correction prevailing in the cryptoverse with Bitcoin struggling around at the $48,000 price levels.

At the time this report was drafted, Cardano traded at $2.3 on the FTX exchange, up by 12.21% for the day. It was the crypto asset’s biggest daily percentage gain in three days.

Market price actions reveal Cardano’s market value is now hovering around $73 billion or 3.27% of the total crypto market valuation.

Investors are banking on Elon Musk selecting the crypto after revealing he was searching for bitcoin alternatives that consume less than 1% of its energy per transaction thereby putting Cardano and XRP in the spotlight as the two crypto assets have more sustainable environmental costs than the flagship crypto due to their lower mining power and transaction networks.

That being said, Cardano is still down 2.89% from its all-time high of $2.37 set yesterday.

Recall that the crypto asset had recently revealed it would start its Alonzo hard fork this month, an upgrade that would facilitate secure smart contracts. Cardano’s smart contract functionality is based on Plutus custom-build programming framework, triggering investors and crypto traders to remain bullish on the asset.

This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. Cardano shares a close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.

What you should know about Cardano

Cardano is a type of blockchain that permits people to receive and send funds. ADA coin is the name of its cryptocurrency. It uses the Cardano blockchain and it also allows people to design smart contracts, just like Ethereum.