Cardano (ADA) has seen a huge rally. A recent rebound has caused investors’ imaginations to be fired up, leading to record high prices.
The price of Cardano at the time of writing was $2.23, up about 13% over the day. For the first time since September 22, the percentage gain was the largest in one day. A move upward increased Cardano’s market value to $72 billion, or 3.69% of the total crypto market.
The market value of Cardano was at its highest of $95 billion.
Cardano’s value has dropped 10.88% in the past week, as it traded between $1.9691 and $2.2525 for the day. As of the time of writing, Cardano traded at $5.2 billion, or 3.98% of the total volume of all crypto.
For the week, it traded between $1.9132 and $2.5119. Cardano is still down 27.81% from its all-time high of $3.10 set on September 2 when it was last trading at its current price. Cardano has been evolving, with the Alonzo upgrade which went live earlier this month.
We saw a run higher during August in particular after it surged from around $1 to above $3 in anticipation of the new release/upgrade. ADA, however, has mostly been bearish during September, because of the dovish sentiment in the crypto market.
Before the protocol had smart contract capabilities, critics wondered why ADA was the third-largest digital asset by market capitalization.
Additionally, Ethereum-compatible networks like Terra, Avalanche, Solana, Binance Smart Chain, and many more have attracted a lot of attention because of their compatibility with Ethereum as well as their smart contract benefits.