Cardano hits new price record and secures third largest cryptocurrency spot
The price of ADA, the native cryptocurrency of the Cardano Blockchain project, went up more than 20% this Friday, reaching a new price record and conquering a higher position among the cryptocurrencies with the largest market capitalization.
In an impressive bull run, the Cardano token recorded an all-time price high of $2.56. The surge led it to outperform Binance’s native cryptocurrency Binance Coin (BNB) in terms of market capitalization.
At press time, ADA’s market capitalization is $82.2 billion, several billions above BNB, at $74.2 billion. The price of ADA has risen a staggering 28% in the last 7 days and is trading around $2.4 at the time of writing.
The meteoric rise comes just one week after Cardano’s cryptocurrency conquered fourth place in the cryptocurrency rankings; outperforming stablecoin Tether (USDT).
On the other hand, the number of addresses maintained by ADA and recording profits rose from 80% to 100%; while the number of “hodlers”, or users who hold the cryptocurrency for the long term, currently stands at 226,000 addresses.
$ADA blasted through the previous ATH propelled by the anticipated launch of smart contracts
A recap of the performance YTD
1,304.71% price increase
1,.484m new holders (233% increase)
Addresses in profit increased from 80% to 100%
Record number of hodlers (226k) pic.twitter.com/z2djfMGnG3
— IntoTheBlock (@intotheblock) August 20, 2021
ADA’s price hike is primarily driven by high community expectations around the upcoming Cardano network upgrade, which will usher in the long-awaited smart contract functionality on that platform.