The cryptocurrency market has recovered from the losses sustained earlier this week, and Cardano has gone on to reach a new all-time high.
Cardano Sets A New All-Time High
Cardano is officially one of the best-performing cryptocurrencies this year. The coin has experienced massive gains in recent months and has now reached a new-all-time. This latest development comes after Cardano hit the $2.57 earlier today.
By reaching the $2.57 mark, ADA’s price is up by 24% over the past 24 hours. The coin’s price is up by 27% in the past seven days, making it one of the top performers amongst the top ten cryptocurrencies.
The rally also came at the expense of the Binance Coin (BNB). ADA is now officially the third-largest cryptocurrency by market cap after overtaking BNB earlier today. At the time of this writing, ADA’s total market cap is $81 billion, while that of BNB is $72 billion.
Year-to-date, ADA is also one of the best-performing coins. It began 2021 trading at $0.175, but it has since gone up by over 1000% to currently trade at $2.57. Cardano’s rally comes as the broader cryptocurrency market recovered from the slump earlier this week.
Bitcoin, Ether and the other leading cryptocurrencies all experienced losses earlier this week. Bitcoin’s price dropped to the $44k level earlier this week, but it is now trading above the $47k region again.
Cardano’s Smart Contract Development Causing Rally
Cardano’s rally in recent months can be attributed to the expected launch of smart contract functionalities on its blockchain. Cardano founder Charles Hoskinson said the team is on track to launch the smart contracts functionalities once Cardano undergoes the hard fork.
The launch of smart contracts on the Cardano blockchain is expected to make the network one of the leading blockchains in the world. Cardano is expected to rival Ethereum and the Binance Smart Chain in attracting DeFi protocols.