Cardano is a public blockchain platform that facilitates peer-to-peer transactions with its internal cryptocurrency, ADA. Data received from Coinmarketcap suggests that its market capitalization has increased to $90B. It has overtaken Ripple, Binance Coin, and Tether market Cap to become the third-largest cryptocurrency.
Cardano (ADA), one of the top gainers in the recent crypto surge has gained over 100% since the start of August. Cardano's price went from $1.3000 from the beginning of August to an all-time high of $2.8500.
As seen on the chart above, Cardano's highest price, $2.46, was in May, when other cryptocurrencies also made a substantial gain. Price went into deep pullback after it reached the highest price in May. Price bounced back in July after it got to $1.00, its lowest price in months. The price of Cardano surpassed its highest price on Sunday, creating a new all-time high of $2.72 before creating a new one at $2.85 as the market opens for the week.
The last few weeks have been good for the crypto market as the price of most cryptos increases. Cardano, one of the top gainers in the recent crypto surge, gained 30.49% in the last 7 days, according to data received from Coinmarketcap. If the price continues to rally this week, Cardano will surpass the $3.000 psychological level.
The wide adoption of cryptocurrencies in the world and the involvement of big institutions are responsible for the surge in the crypto market. Cardano, being a blockchain platform, will continue to see an increase in price because of the rise in the volume of transactions as people continue to move their money through blockchain.