TL;DR Breakdown
- Cardano now fourth largest crypto by market cap
- ADA’s Alonzo testnet launch
Charles Hoskinson’s Cardano has again shine amidst all other coins surging by over 14 percent and still going up. Earlier on Sunday, before other coins began to recover, Cardano had surged by 11% in price on Sunday morning to $1.64, according to data from metrics site Nomics.
It has also ousted BNB as the fourth largest crypto coin to sit at the spot.
At the level, the coin is reemerging to prices observed on Wednesday, when ADA reached as high as $1.77. However, the coin is still far off its all-time high of $2.46, which it achieved two weeks ago on May 16.
Boosts behind Cardano surge
The project on Friday started to doll out its Alonzo testnet named after the church the project developer attends, Alonzo Church. The Testnet adds smart contracts to the blockchain, indicating that the coin is finding its way to integrating decentralized applications to its blockchain.
The testenet is expected to be fully operational by the end of August.
Hoskinson, in his many YouTube updates earlier this week, said that the next 90 days are for the most critical engineering path, integration path, coordination path, and community path.
The project undoubtedly is on the heels of the second-largest crypto coin, Ethereum, especially with its smart contract functionality.
In a funny twist, while the surge in Cardano price is attributed to the testnet launch, the coin price crashed on Friday when the testnet officially launched. It slumped along with the rest of the market, which tanked by about 8% in six hours. However, today’s price rally has contributed to a 25% increase for ADA in the past week.
Cardano’s market cap is now $52 billion, about $1 billion more than BNB. It is $10 billion less than USDT stablecoin Tether and about $127 billion lower than the market cap of Ethereum.
