On a general level, the cryptocurrency market is quite stagnant. However, recently we observed how the cardano price experienced a relevant rebound in recent days. It's all because increase by 10% in just a few hours and the volume of operations of this token also became the third largest cryptocurrency in the world.
Overall Cryptocurrency Market Up Less Than 4% Floating Around $2 Trillion Total Value
August 20 at 12:52 am was a key date for the day of Cardano. The reason is because the most decisive jump occurred this day when the price increased by 14%, with a figure of 2,49 dollars. It thus became the record, since in May it reached the figure of 2,46 dollars. This fact has caused it to raise its market capitalization above $75.000 billion.
The day before, over $8 billion worth of ada tokens were exchanged in just one day, making it the highest one-day display since there was a price increase in the month of May. The truth is that in August, the token has been growing at all times, since it rose 85% when the founder of Cardano, named Charles Hoskinson, bypassed the network called Alonzo. In this case, it will enable the Cardano blockchain to process smart contracts. This is a feature that has allowed Ethereum to dominate the decentralized finance industry of up to $100 billion.
Token experts have commented that this rise in Cardano's ada was an absolute mystery and warn that the platform was struggling to gain traction among software developers who create the programs required to adopt a cryptocurrency.
Previously, we have commented that Cardano ada experienced a huge rise in May 2021. It was all because the arch billionaire Elon Musk said that he would not accept bitcoin due to the existing environmental disadvantage of the large amounts of electricity used to mine new currencies. The broader market crashed and has yet to recover, but Cardano's ada rose to new highs as investors flocked to more sustainable tokens.
Cardano's Ada has soared 1,300% in just 8 months. Therefore, this cryptocurrency becomes one of the five most notable that has had the best performance if we compare it with the others. In this case, we find 1,030% of binance coin, 330% in ether and 59% return for bitcoin. It is curious that in less than two months in 2018 Cardano's ada plummeted by nearly 90%.
We will have to wait until the end of the year to know if this performance of Cardano's ada continues in this way. The truth is that we are faced with a cryptocurrency that has surprised everyone and that hopes to achieve even greater performance.
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