ADA, the Cardano blockchain’s native coin, soared from $1.02 at the end of July to $2 in the early Asian session.
ADA has surpassed USDT, the Tether US stablecoin, to become the fourth most valuable cryptocurrency.
The platform launched its smart contract testnet in May 2021, with three stages: Alonzo Blue, White, and Purple. The Alonzo Blue represents stage one. The Alonzo White is the second stage, while the Alonzo Purple is the last stage.
Nairametrics revealed that Alonzo Purple was the first fully public Cardano testnet to allow smart contracts. Exchanges and wallet providers are also brought on board to guarantee the new code is integrated into their systems. Now that testnet is nearing its end, developers are adding bitcoin exchanges.
In fact, the entire altcoin market has been seeing a significant amount of rally, with many analysts predicting that the bull run is back. A number of popular altcoins have had double-digit gains in the recent week or month. According to CoinMarketCap, this move increased the cryptocurrency market capitalization to $2 trillion. The bitcoin market cap was around $1.9 trillion at the time of reporting, up 40% in 4 weeks.
Although CoinMarketCal indicated the launch was in the first week of September or earlier that month, Cardano’s founder Charles Hoskinson disclosed the exact launch date. They concluded that the rally was also due to the announcement of the smart contract mainnet launch.
ADA ranks 5th in transaction volume
According to CoinMarketCap, the currency has traded 24.5 billion ADA in the last 7 days, indicating stratospheric transaction volumes. Also, ADA ranked 5th in terms of transaction volume in the last 7 days, with a value of $48.3 billion.
The entire altcoin market has been seeing a significant amount of rally, with many analysts predicting that the bull run is back. A number of popular altcoins have had double-digit gains in the recent week or month. According to CoinMarketCap, this move increased the cryptocurrency market capitalization to $2 trillion. Thus, the bitcoin market cap was around $1.9 trillion at the time of reporting, up 40% in 4 weeks.
