Cardano surges 11% over the sleepy weekend after the new major upgrade to the blockchain has been rolled out on Friday as we reported in our latest Cardano news.
While the rest of the market stayed sleepy, Cardano surges 11% as the fourth biggest cryptocurrency by market cap to a price of $1.64 according to the data from metrics site Nomics. At the current prices, Cardano reemerged to new prices when ADA reached a new high of $1.77 and ADA is still far off the ATH of $2.46 which the project reached two weeks ago.
Cardano started rolling out its Alonzo testnet and the update named the computer scientist Alonzo Church adding smart contracts to the blockchain which means that Cardano is on its way to integrate decentralized applications to its blockchain with the mainnet is expected to go live by the end of August. Charles Hoskinson who is the founder said on YouTube:
“The most critical engineering path, integration path, coordination path, and community path are for the next 90 days.”
Smart contract functionality will place Cardano in direct competition with Ethereum and the blockchain whose coin is the second biggest by market cap as ETH supported smart contracts since the launch in 2015 and the decentralized finance industry that it houses and grew by about $60 billion since last January. While the new features often result in a price increase, ADA fell after the Alonzo announcement on Friday. It slumped along with the rest of the market and tanked by about 8% in six hours and today’s price really contributed to a 25% increase for ADA in the past week.
Cardano’s market cap reached $52 billion about $1 billion more than BNB with the coin with which it moves for the fourth position on the rankings list and ADA’s market cap $10 billion less than USD Stablecoin Tether and about $127 billion lower than the market cap of Ethereum.
As reported recently, Input-Output Global announced that this is the start in the journey of smart contracts, and to organize the different stages of the rollout, IOG employed the use of the color index system with Blue representing the current test phase, and we can see the white and purple ones but what do they mean?
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