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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