Cardano is defying gravity, breaks all time high

As Cardano heads to the hard fork Alonzo with a broad chest, it has just set a new record high amid record-buying pressures with Bitcoin breaking above $50k.

FTX is trading Cardano at $2.7, an increase of 10.29% from yesterday’s close. For the first time since August 19, the market gained the most percentage points in a day.

Cardano’s market value reached $85.7 billion, or 4.08% of the total cryptocurrency market cap, after the move upwards. The market capitalization of Cardano peaked at $79 billion

During the previous twenty-four hours, Cardano was fluctuating between $2.433672 and $2.686656.

Cardano gained 23% over the past week, making it one of the top 10 most valuable crypto assets. The volume of Cardano traded for the day at the time of writing was $6.4 billion or 7.05% of the total volume of all crypto assets.  It has traded in a range of $1.8787 to $2.69 for the week

Adding smart contracts to the Cardano network is part of the reason for the rally, which comes with the coming upgrade Alonzo. The long-term goal of Alonzo investors is the repositioning of Cardano on the DeFi market in place of Ethereum, also known as “flippening”.

The expectation is that Ethereum will have a scaling advantage over it. Cardano already possesses the trump card of proof-of-stake, as opposed to Ethereum, which is undergoing a lengthy process to improve its consensus mechanism.

Additionally, Cardano offers faster network speeds. Cardano has already managed more than 250 transactions per second (TPS) compared to 15 TPS with Ethereum.

In fact, Hydra should be able to accelerate transactions even further to more than 1 million per second. By using scaling solutions such as sharding, Ethereum 2.0 will reach 100,000 TPS. With Alonzo, Cardano will roll over Ethereum, finally heating up their cold war.