ADA, the in-house cryptocurrency of Cardano, rallied Sunday, pushing the smart contract platform into top notch zone with respect to market cap based listing. ADA rallied 14% to hit $1.83 on top cryptocurrency exchanges, reflecting a fresh all-time high. At the time of writing this article, ADA was trading at $1.75, reflecting a gain of 8.7% in the last 24 hours and 32% in a week.
At prevailing values, Cardano commands a market cap of $57.22 billion, eclipsing Tether (USDT) for sixth place on the market ranking list, as per Coingecko. In CoinMarketCap website, ADA is placed fifth in the ranking list. ADA also eclipsed Bitcoin (BTC) relatively, with a gain of 16% against the latter. However, ADA continues to trade far lower than its all-time peak when valued using Bitcoin.
Cardano is being backed by a convergence of technical, sentiment and fundamental indicatos as investors get ready for the upcoming phase of the bull cycle. The revival of ADA’s uptrend was affirmed after the crypto broke above the $1.48 resistance level last week. The next minor resistance is anticipated near $2 and then at $2.25.
With respect to fundamental developments, cryptocurrency exchange Kraken stated a week back that ADA staking is now offered on the platform. Notably, clients of Kraken can get their ADA staking accounts funded in a simple manner to gain maximum rewards of 6%, with weekly payouts.
The next key landmark in Cardano’s multi-year advancement plan is the Alonzo overhaul, which is established to roll out smart-contract ability on the blockchain. Input Output Hong Kong, the development division behind Cardano, detailed in April that Alonzo is getting systematically installed on the mainnet through numerous testnets.
All through May and June, first-movers and collaborators will be able to trial features of the technical upgrade.
