Cardano, the fifth most valuable crypto by market value, was trading at $1.282 by 13:40 GMT on Wednesday, up 25.01% on the day. It is the largest one-day percentage gain since May 31.
Cardano’s Market Cap Increases
The move upwards pushed Cardano’s market cap up to $39.897939B, or 2.93% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $71.557257B.
Cardano had traded in a range of $1.109989 to $1.288885 in the previous twenty-four hours.
Still, recent present action shows the crypto asset is still down about 48% from its all-time high of $2.46 set on May 16.
Investors are banking on the Alonzo upgrade that includes smart contract capabilities in making the altcoin a stronger competitor to the name that dominates the decentralized finance space like Ethereum.
Though many crypto pundits anticipate after the completion of the upgrades, prices could surge above $1.50 towards its highs around $2.46.
Cardano is a type of blockchain that helps people to receive and send funds, while ADA coin is the name of the crypto asset.
It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.
Bitcoin and Other Altcoins
Bitcoin was trading around $34,700, up 16.22% today. Ethereum was trading at $2,027.53 on Binance, a gain of 14.85%.
Bitcoin’s market cap was last at $637.502633B or 46.89% of the total cryptocurrency market cap, while Ethereum’s market cap totalled $232.254878B or 17.08% of the total cryptocurrency market value.