Comparison chart: Cardano, XRP, Polkadot
Investing.com – The cryptocurrency hit record highs on Friday started the day. Towards morning it advanced by 18.4 percent to $ 2.49. They also picked up strongly and recently posted a premium of 8.15 percent and 11.73 percent to $ 1.21 and $ 26.64 respectively. A sharp rise in volume in the crypto universe to the highest level in more than a week caused cyber currencies to explode.
The Cardano began its rise on Thursday evening, then accelerated it in Asia trading and marked a record high in European early trading on Friday at $ 2.52. The previous all-time high was on May 16, 2021 at $ 2.39.
The driver on Thursday / Friday was apparently the good mood in the crypto market, which was reflected in increasing trading volumes. In the case of Cardano, which is due to come on September 12 and revolves around smart contract integration, remains the biggest driving force.
And as CryptoGlobe reports, Input Output Hong Kong (IOHK), one of the companies working on Cardano, communicatedthat the Alonzo Purple Testnet has already started the onboarding process for users.
Thanks to the smart contract functionality, Cardano can integrate more applications, including so-called decentralized financial platforms (DeFi), which enable automated lending and trading in cryptocurrencies.
With the upgrade, the network is also closing in on the current market leader among blockchains with smart contract functionality.
Since speculation about the release date of the Alonzo upgrade picked up speed in early July, the Cardano rate has risen 82 percent to date. Since the beginning of the year, the price has increased by 1,293 percent. This recently brought the cryptocurrency ADA with a market capitalization of 80.7 billion dollars to third place among the most important cryptocurrencies in the world, behind Ethereum and, but before, and XRP.
The epic ADA price rally is also the result of growing institutional interest in the Cardano project. According to CoinShares data, Cardano investment products saw inflows of $ 1.3 million in the week ended August 15, while Bitcoin and Ethereum products saw outflows of more than $ 23 million. Livemint had reported about it first.
And the chartists also continue to be optimistic about the outlook for Cardano. According to the forecast of the chart experts at Elliott Wave Forecast, ADA still has around 42 percent potential on the upside despite the recent increase.
“The price seems 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.
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