Cardano reaches a new historic high and leads rally
The ADA price hit a new all-time high of $2.64 this morning, breaking the previous record of $2.54 set on Friday. The company is now trading at $2.58, up 4.5% from yesterday, according to data from Cripto Live.
Cardano is the native token of the blockchain project run by co-founder Charles Hoskinson. Altcoin surpassed stablecoin on Aug. 13 as the third-largest cryptocurrency, with a market value of $82 billion. The ADA rose 17% last week and 116% the month before.
Cardano’s price increase began in earnest on August 10, when Hoskinson “pre-announced” the date when smart contracts would be integrated into the platform as part of the Alonzo network upgrade later this year. Three days after the “announcement”, the developer behind Cardano, Input Output, released the date as September 12th.
Last month, Cardano got a big boost when investment firm Grayscale’s Digital Large Cap Fund added the asset to its portfolio. At the time of writing this article, 4.26% of the fund is invested in ADA. 67.47% of the fund is held in Bitcoin and 25.39% in
The currency is now trading in the $50,000 range, strong psychological resistance for the price, which does not appear to have entered a bull market.
Overall, however, the cryptocurrency market rebounded strongly from the May decline. On Friday, the total market capitalization of cryptocurrencies once again exceeded $2 trillion.
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