Cardano Rises 18%, Leaving Bitcoin, Dogecoin Gains in the Dust: What’s Happening?

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Cardano (CRYPTO: ADA) climbed nearly 18% until the early hours of Wednesday.

What is moving? ADA traded up 17.59% over 24 hours at time of publication and 28.12% over a seven-day period.

The cryptocurrency created by Charles Hoskinson rose 17.35% and 15.62% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) respectively.

BTC traded 0.09% higher at $ 45,728.57 and ETH was trading 1.45% higher at $ 3,171.80 over 24 hours.

Since January, ADA has climbed 882.62%, while BTC and ETH have returned 57.21% and 327.88% since the start of the year.

See also: How to buy Cardano (ADA)

Why is it moving? Hoskinson tweeted a video on Tuesday in which he discussed Alonzo’s upcoming hard fork of the cryptocurrency that will implement the functionality of smart contracts.

Also See: Elon Musk’s Development Efforts Could Give Dogecoin ‘Floor Value’, Cardano Founder Hopes

“Everything seems to be on track,” Hoskinson said – adding: “It looks like we are on track for Friday to announce the date.”

Brief update https://t.co/mDR4U0BFBW

– Charles Hoskinson (@IOHK_Charles) August 10, 2021

Making the announcement, Hoskinson said: “It will be before the Cardano summit.”

Cardano was among the top ten most mentioned cryptocurrencies on Twitter Inc’s (NASDAQ: TWTR) platform at the time of publication. In terms of mentions by #favorites, it tops the list compiled by Cointrendz.com.

Recently, Cardano’s rival Ethereum underwent a network upgrade dubbed the London hard fork and has since rallied around.

Read more: Cardano Founder Says Only ‘Ethereum Killer’ Is Ethereum 2.0

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