Cardano (ADA) rose 20% overnight in anticipation of smart contracts
Cardano (ADA) rose briefly above the $1.70 mark on Sunday, and regained its fourth place in the capitalization ranking, displacing Binance (BNB). The past two weeks have been challenging for ADA. The coin began a correction following most other cryptocurrencies. Bitcoin’s fall provoked a wave of sales across the entire market spectrum.
ADA hit an all-time high of $2.47 and is down to its current level of $1.65. The coin managed to rebound from the May lows in the $1 area and is firmly above the $1.60 mark. During the day ADA gained 20% and entered the leaders of growth among the coins of the first ten along with Uniswap.
Earlier, the project announced its plans to roll out smart contracts as part of the Alonzo upgrade. The process will take place in three stages: 30, 60 and 90 days. The first version of the test network, Alonzo Blue, has already been deployed. According to the latest data, the test series will end sometime in September 2021.
The project is actively developing and attracting streams of investment. Retail traders are also turning their attention to the cryptocurrency. The BeInCrypto editorial staff previously reported that the number of ADA wallets has exceeded 1 million.
In the next update, the developers promise to add an ERC20 converter. This functionality will allow ADA to seriously compete with Ethereum blockchain, which cannot cope with scaling problems.
Cardano currently has more than 2,500 active pools, and ADA’s stacking volume is approaching $34 billion. In addition, the project has funneled more than $500 million into ADA for charity.