The Cardano network native token has zoomed up over 100% in just a month, rising to be the third in rank in the list of the largest crypto in the world, according to an announcement that referenced the Alonzo Upgrade of blockchain.
As of the time of writing this article, the price of the Cardano native token was about $2.4 after it rose over the $2 price level for the first time in the past three months. The market of the token has seen a bull run since it reached the support sitting at the $1 price mark in July, setting the market cap to $80 billion ahead of Tether and Binance Coin that dropped to $78 billion.
The chief developer of Cardano made an accountment recently for the intending upgrade that could see the smart-contract functionality integrated into the network eventually. The implication of this is the capacity to involve more DeFi apps and set the network in a favourable position to run with the ETH network.
Aiming to Compete with Ethereum
The network developed by Charles Hoskinson is interested more in competing with the Ethereum network amidst other decentralized blockchain networks. The network boasts of improved features like better scalability and higher security. The capability to integrate smart contracts has now given it an edge in the competition.
From a video released on Friday by DIO – Developer Input-Output, the chief developer, Nigel Hemsley, made the announcement that the Alonzo Upgrade will be set rolling on the 12th of September, 2021 being Sunday, Nigel wrote Monday, September 12. He eventually corrected the error with another tweet just writing September 12.
On Friday morning, the token rose to about $2.6 as the first bull run since May. In the middle of the said month, however, the altcoin was trading at a new ATH of $2.31.
The announcement made by the chief developer has stirred great excitement and enthusiasm among the crypto community members. And everyone considered it the reason for the price surge. The upgrade is an anticipated one in the ecosystem and the crypto space at large. Giving the nearness of its implementation, the token rose to the third-largest crypto globally.