Recently, we have seen how the flagship cryptocurrency, Bitcoin, lost quite 50% of its previous peak within the reason being a 3-month market decline. Despite the autumn in price, Bitcoin hit $50,000 on Sunday, reaching a 3-month high because the digital currency regained momentum.
The virtual currency was on the brink of that mark before it rose to that price level around 10:40 pm on Sunday. Bitcoin isn’t the only cryptocurrency that has seen an ATH, but altcoins like ADA, the native cryptocurrency of the largest proof-of-stake blockchain, Cardano reached a new peak of $2.86 as well.
Statistically, Bitcoin’s market capitalization is currently at $943.33bn as per data from CoinMarketCap.
ADA saw a 7% rally this new week, hitting a new all-time high of $2.86. The reason for this bullish movement of Ada is as a result of the upcoming launch of a smart contract feature which was announced last week by Cardano’s founder, Charles Hoskinson.
According to him, the project entitled ‘Alonzo’ will fully deploy its mainnet into the blockchain by September 12. This announcement has been the driving force of ADA’s sudden rise recently.
In a related development, the whole market capitalization is back above $2 trillion due to the rally that was championed by Bitcoin.
