Cardano posts biggest daily gain since May 26
The impressive gains pushed the market value of the crypto asset to $41 billion or 42.81% of the total cryptocurrency market valuation.
Cardano, the fifth most valuable crypto by market value, is recording intense buying pressures at the mid-week trading session.
At the time of writing this report, the crypto asset traded at $1.28, posting gains of about 14.41% for the day. It was the digital asset’s biggest percentage gain since May 26.
Such impressive gains pushed the market value of the crypto asset to $41 billion or 42.81% of the total cryptocurrency market valuation. At its highest price levels, the crypto had a market value of about $72 billion.
Cardano had traded in a range of $1.109989 to $1.288885 for the day.
Still, recent present action shows the crypto asset is still down about 48% from its all-time high of $2.46 set on May 16.
Investors are banking on the Alonzo upgrade that includes smart contract capabilities in making the altcoin a stronger competitor to the name that dominates the decentralized finance space like Ethereum.
Though a number of crypto pundits anticipate after the completion of the upgrades, prices could surge above $1.50 towards its highs around $2.46.
Cardano is a type of blockchain that helps people to receive and send funds, while ADA coin is the name of the crypto asset.
It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.
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