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Cardano Price Reaches All-Time High, Passing Binance Coin to Become the Third Most Valuable Cryptocurrency

Cardano (ADA), the native cryptocurrency that powers Charles Hoskinson's public blockchain, has overtaken Binance's native token in total market value, setting new all-time highs.

According to statistics from supplier Messari, ADA has a market value of $80.7 billion, compared to $72.1 billion for Binance Coin (BNB).

The price of ADA is up 19 percent on the day, continuing its upward trend from Thursday, when it came near to hitting new highs. The cryptocurrency has been on a run in recent weeks, rising 150 percent from its lows of $1 on July 21.

After hitting a record high of $2.55 during Asia business hours, ADA is now trading for approximately $2.49.

Strong daily buyer volume - the most since the end of May – is matching price action on the way up, indicating demand for ADA's trend's strength and confidence.

The “Alonzo” improvement seems to be having a major effect on market mood. The update aims to bring smart-contract capabilities to the network and solve one of the network's most obvious flaws, according to critics.

The update is set to be released on Oct. 1, but some are predicting that it may be delayed.

Cardano has gone through a number of stages, including the fundamental Byron phase and the decentralized Shelly phase, which saw the introduction of delegated staking. Smart contracts will be available when Cardano reaches its third age, Goguen, according to the Cardano roadmap.

Cardano was created in 2017 by Ethereum co-founder Charles Hoskinson, with the goal of competing directly with Ethereum and other decentralized application platforms as a more scalable, safe, and efficient alternative.

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