Cardano Takes the 3rd Largest Crypto Market Cap, ADA Taps All-Time High Gaining 73% in 2 Weeks

By Marketcap Dec 10, 2022 0 80 Add to Reading List

The price of the crypto asset cardano reached an all-time high on Friday, tapping $2.58 per unit. Year-to-date, cardano has gained a massive 1,871%, and during the last two weeks, the digital currency has spiked 73% in value against the U.S. dollar.

Cardano Now Commands 3rd Largest Position in Crypto

Cardano (ADA) has been on a tear this week as the coin finally overtook the asset’s previous all-time high (ATH) recorded over three years ago. On Friday, ADA tapped a fresh new ATH at $2.58 per unit as the coin has gained 13.8% over the last seven days. The price per ADA at the time of writing is $2.44 per unit which is 5.6% down from the ATH.

Because of ADA’s increased value, the crypto asset is now the third-largest digital currency market by overall valuation. At the time of writing, cardano (ADA) has a market capitalization of $78 billion and there’s currently $4.6 billion in global trade volume. The ADA market cap equates to 3.60% of the $2.16 trillion crypto economy. In three months, ADA has gained 84.44% against the U.S. dollar.

ADA/USD prices on August 21, 2021.

Tether (USDT) is cardano’s top pair on Saturday, commanding 54% of all ADA trades in 24 hours. This is followed by BTC (13.80%), USD (7.26%), BUSD (6.80%), KRW (6.32%), and EUR (3.61%). Ethereum (ETH) captures over 2% of ADA trades at the time of writing. Much of the demand for ADA has stemmed from the upcoming Alonzo upgrade scheduled for September 12, 2021.

82% of Poly Market Wagers Predict Cardano Will Add Smart Contracts by Oct. 1

The anticipated “Alonzo Purple” upgrade aims to produce fully functional, advanced smart contract solutions. Bitcoin.com News has explained in a few past articles that there’s a Poly Market bet that lets people wager on whether or not the Cardano network will produce the advanced smart contracts developers have promised.

At press time, the Poly Market prediction market shows 82% believe the Cardano network will support smart contracts by October 1, 2021. 18% currently believe that Cardano won’t pull it off. ADA proponents are patiently waiting to see if Charles Hoskinson and the Cardano dev team can do it by September 12.