Cardano on rampage, bouncing as high as 13%

Cardano (ADA) has seen a huge rally. A recent rebound has caused investors’ imaginations to be fired, leading to record high prices.

The price of Cardano at the time of writing was $2.23, up about 13% over the day. For the first time since September 22, the percentage gain was the largest in one day.

A move upward increased Cardano’s market value to $72 billion, or 3.69% of the total crypto market. The market value of Cardano was at its highest of $95 billion.

Cardano’s value has dropped 10.88% in the past week, as it traded between $1.9691 and $2.2525 for the day.

As of the time of writing, Cardano traded at $5.2 billion, or 3.98% of the total volume of all crypto. For the week, it traded between $1.9132 and $2.5119.

Cardano is still down 27.81% from its all-time high of $3.10 set on September 2 when it was last trading at its current price.

Cardano has been evolving, with the Alonzo upgrade which went live earlier this month. We saw a run higher during August in particular after it surged from around $1 to above $3 in anticipation of the new release/upgrade.

ADA, however, has mostly been bearish during September, because of the dovish sentiment in the crypto market, because fundamentally, it stands to gain.

Before the protocol had smart contract capabilities, critics wondered why ADA was the third-largest digital asset by market capitalization.

Additionally, Ethereum-compatible networks like Terra, Avalanche, Solana, Binance Smart Chain, and many more have attracted a lot of attention because of their compatibility with Ethereum as well as their smart contract benefits.