Performance chart: ADA vs BNB (1 month)
Investing.com – The cryptocurrency, which has seen its price soar in the past few weeks, has overtaken and ranks third in terms of total market capitalization on Investing.com.
According to data from Investing.com, the price of an ADA passed the $ 1.20 mark on Saturday afternoon, up around 10 percent.
With a market cap of $ 70.94 billion, Cardano overtakes Binance ($ 68.86 billion). However, the latest rally is far from being enough to catch up to $ 383 billion and $ 881 billion in market cap.
Nevertheless, the analysts are still optimistic about the outlook for Cardano. According to the chart experts at Elliott Wave Forecast, ADA even has a potential of around 63 percent.
“The price appears to be in the 5th wave, which is breaking out of the triangle with good momentum and relatively high volume. As long as the price does not fall below 1.017, it can make a new high between 3.6 or even above,” wrote them in a tweet on Saturday afternoon.
One of the reasons for the explosive development at Cardano in recent weeks was the hope for a release date for the last phase of the Alonzo upgrade, which is characterized by smart contract integration.
According to the Cardano developer company Input Output bearings the platform on Sunday, “September 12th, 2021” for the upgrade,.
The smart contract functionality allows Cardano to integrate more applications, including so-called decentralized financial platforms (DeFi), which enable automated lending and trading in cryptocurrencies. With this improvement alone, the network would be in a better position to challenge the big opponent Ethereum, the current top dog among blockchains with smart contract functionality.
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