Cardano (ADA) noticeably became the third-largest crypto asset in the market last week. It surpassed several other digital currencies and raised the expectations of ADA enthusiasts who were waiting for a price surge.
Now, to the delight of ADA enthusiasts, the cryptocurrency has seen an increase in its price this morning and is currently trading at $2.52 (at the time of writing). According to reports, Cardano has seen nearly a 10% increase in its trading volume earlier today.
Many anticipate the new software upgrade for Cardano to be one of the influencing factors of the price surge. Let’s find out more.
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What to Know About Increase in ADA’s Price?
Cardano is one of the most prominent cryptocurrencies in the market. It certainly has caught the eye of investors and traders, both major and minor, all over the world.
In the last 24 hours, a noticeable increase of over 17% has been seen in the price of ADA. As per reports, ADA tokens worth over $8 billion traded hands during this period as well. Since the price surge in May, this is the highest one-day showing to be seen now.
The Cardano network has also been in the spotlight ever since Charles Hoskinson shared the possibility of another network upgrade in September. The new Cardano network upgrade has been named Alvoro and it will enable the blockchain to process the smart contracts. The blockchain will also process self-executing agreements between the buyers and sellers.
These factors have also been the major reasons for Ethereum’s prominence and dominance in the industry.
This can only provoke one’s imagination to wonder where Cardano will be once the planned software upgrades are all up and running successfully.
Here is a graph by CoinGecko, tracing the price of ADA back to May 2021.
Is Cardano a Good Crypto to Invest in?
The cryptocurrency you choose to invest in is really a matter of personal preference. Before you buy a digital asset you should consider doing a little research to see which cryptocurrency seems the most suitable to you. Whether the utility of a digital asset is what you are looking for or not is also important.
Then once you choose a cryptocurrency, you can choose one of the biggest crypto exchanges supporting the crypto asset and invest in it.
As far as Cardano is concerned, it is quite a prominent digital currency in the market. It is vulnerable to price volatility, as are all other crypto assets.
However, ADA has reportedly seen a surge of 1,300% in this year alone, which is quite high as compared to other top digital assets. This is why Cardano is one of the top five best-performing crypto assets.
Therefore, if you want to invest in ADA, make sure you use some of the top crypto exchanges to purchase it with minimum hassle.
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