Cryptocurrency News: Cardano (ADA) Coin Beats Popular Binance Coin With a Gain of 50% in 10 Days

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Cardano (ADA) coin has started to shine more in the cryptocurrency market these days. The price of this coin has jumped more than 50 percent in the last 10 days. It ranks third among the world’s top cryptocurrencies with a market cap of $80 billion (approximately Rs 5,94,400 crore), surpassing the popular Binance Coin. The coin has currently touched its all-time high of $2.58 (Rs 191.70). However, by Saturday morning the gains had dwindled a bit. The rally is attributed to an upcoming “Alonzo” upgrade that will allow smart-contract functionality and a range of DeFi (DeFi) applications to run on the Cardano network. The proposed technology enhancement is likely to come soon next month.

Co-founded by Charles Hoskinson, a mathematician and former CEO of Ethereum, the Cardano network is seen as a serious rival to the Ethereum blockchain, which currently dominates the DeFi services market. According to CoinMarketCap, the ADA coin rose from $1.70 (Rs 126) on August 10 to $2.58 on August 20. Whereas at the time of writing this report, the price of Cardano (ADA) in India was around Rs 218.

The lack of smart-contract functions is widely seen as one of Cardano’s biggest drawbacks and their availability is Ethereum’s biggest strength. These contracts are a way to ensure that agreements are validated securely. Earlier this month, the development team behind the Alonzo upgrade announced the launch of the publish testnet, saying it was an “exciting and important next step” in Cardano’s journey.

Despite the rally and the prospect of an upcoming upgrade, some have expressed doubts about the success of Cardano Coin. This prompted Hoskinson to respond to detractors in a tweet earlier this month, promising to launch a fund to pay for critics’ corrections.

Meanwhile, recent rallies in Bitcoin, Ether, Cardano (ADA) and others gave the cryptocurrency market a market-cap of $2 trillion (about Rs 1,48,50,910 crore) for the first time since the market crash in May and a Helped me to cross the milestone.<!–

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