Cardano Became The 3rd Cryptocoin By Market Cap

Cardano’s Price Performance

Cardano was co-founded by Charles Hoskinson, a mathematician and former CEO of Ethereum. ADA is its native cryptocurrency.

Since last week, Cardano became the hottest cryptocurrency, which became the third coin by market cap and ahead of the popular Binance Coin. As of writing, Cardano(ADA) broke its all-time high four times. From August 19th to 23rd, except Aug. 20th, Cardano registered ATH at $2.4281, $2.4577, $2.7131, and $2.9174, respectively. According to the trend, ADA might set another ATH today.

Alonzo Upgrade Scheduled for September 12nd

Charles Hoskinson set a date for the long-anticipated upgrade to the popular cryptocurrency platform called Alonzo last week. Cardano’s price has jumped over 65% since the start of August in anticipation of the Alonzo upgrade. It is believed that the recent rally of ADA is attributed to this coming upgrade.

The upgrade will allow smart-contract functionality and many decentralized finance (Defi) applications to run on the Cardano network. After the Alonzo update, one will be able to create and deploy his/her own smart contracts on the Cardano blockchain.

How About BTC And ETH?

Most of the cryptocurrencies’ prices met a huge plummet on May 19, which is a not negligible crash. It is not until recent August that some of the coins recover a bit. And Cardano seems the one that stands out of this round.

Bitcoin found its $50,000 yesterday, Aug. 23rd(UTC) but did not keep this level. It is struggling around $49,700 at the time of writing. Ether is now standing well above $3,200 but still a way far from its ATH($4,370).

What To Expect About Cardano?

ADA’s return on investment (ROI) has been significantly better for months now. Cardano’s RoI looks promising as it is 9x better than Bitcoin and 3x higher than Ether by Aug. 20th. Some investors might switch their investments and put money in Cardano.