Cardano for the day rose by 20% in anticipation of smart contracts

Cardano surged over the weekend amid updated plans to roll out smart contract technology

Cardano (ADA) briefly climbed above the $ 1.70 mark on Sunday, and regained fourth place in the capitalization rating, pushing Binance (BNB). The past two weeks have been difficult for ADA. The coin started a correction following the majority of other cryptocurrencies. The fall in the bitcoin exchange rate provoked a wave of sales across the entire spectrum of the market.

Read also: How to buy Cardano in 3 steps: instructions for beginners

The total capitalization of all digital coins in circulation fell by 53% from the May peak.

ADA reached a historic high at $2.47 and went down to the current level of $1.65. The coin managed to recover from the May lows in the $1 area and firmly established itself above the $1.60 mark. During the day, ADA rose by 20% and became one of the growth leaders among the top ten coins, along with Uniswap.

Source: Coinmarketcap

Earlier, the project announced its plans to deploy smart contracts as part of the Alonzo update. 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 investment flows. Retail traders are also paying attention to cryptocurrency. The editorial board of BeInCrypto previously reported that the number of ADA wallets exceeded 1 million.

In the next update, the developers promise to add an ERC20 converter. This functionality will allow ADA to compete seriously with the Ethereum blockchain, which cannot cope with scaling problems.

What else is good

Currently, Cardano has more than 2,500 active pools, and the volume of staking in ADA is approaching $ 34 billion. In addition, the project has sent more than $500 million to the ADA for charity.

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