Cardano is now the third largest crypto ahead of the smart contract update

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Key takeaways Cardano has become the third largest cryptocurrency by market cap after breaking $ 2 earlier today. Charles Hoskinson is expected to announce today the launch date for smart contracts on Cardano as part of Alonzo’s hardfork, which may explain the rise. Further buying pressure could see the ADA hit new all-time highs, but a delay could lead to a sell-off. Share this article

Cardano has skyrocketed as market players wait for a protocol upgrade that will expand the utility of the network.

Cardano exceeds $ 2

Cardano has jumped nearly 20% in the past 24 hours.

ADA is trading above $ 2 for the first time since May, which puts its market cap above $ 65 billion. It overtook Tether to become the third largest cryptocurrency, behind only Bitcoin and Ethereum.

The sudden recovery appears to be fueled by growing speculation around Cardano’s smart contract functionality. Founder Charles Hoskinson is expected to reveal more details about Cardano’s upcoming Alonzo hardfork today, which includes plans to launch smart contracts on the grid. Cryptocurrency enthusiasts have become optimistic about the future development of token prices.

The behavior analysis platform Santiment reveals that the recent upward momentum has been supported by increased buying pressure across the board. Cardano’s trading volume has climbed 250% in the past four days.

Another rise in buy orders may signal a continuation of the uptrend, potentially pushing the asset into price discovery mode.

Source: Santiment

IntoTheBlock’s In / Out of the Money Around Price (IOMAP) model shows that nothing is stopping Cardano from reaching new all-time highs. The only significant supply area is between $ 2.15 and $ 2.20. Around this price point, more than 20,000 addresses have already purchased more than 150 million ADA.

A decisive close above this resistance level could see market participants rushing to cryptocurrency exchanges to buy, pushing prices even higher.

Source: IntoTheBlock

Investors should note that the cryptocurrency community expects Cardano’s Alonzo hardfork to occur in early October. An unforeseen delay in upgrading the protocol could lead to disappointment, encouraging market players to sell.

Under these unique circumstances, IOMAP reveals that the highest level of support is between $ 1.72 and $ 1.79, where over 100,000 addresses hold nearly 2 billion ADA.

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