Cardano smashes new all-time high following 14% gain

Cardano’s ADA surged in a bull run at the weekend, bringing the smart contract platform back into the game in terms of market capitalization rankings.

Cardano smashes new all-time high following 14% gain

The fifth largest crypto buy market cap, ADA saw 14% growth to reach $1.83, a new all-time high, on leading exchanges. 

Currently, Cardano has a market cap of $56.2 billion fighting closely with Tether, which has a market cap of $55.7 billion, for fifth spot on the market leaderboards, according to CoinMarketCap data.

Cardano is being supported by a confluence of technical, fundamental and sentiment-driven indicators, as investors gear up for the next leg of the bull market. The resumption of ADA’s uptrend was confirmed after the cryptocurrency breached the $1.48 resistance late last week. Price action puts the immediate upside target at $2.00, followed by $2.25.

In addition to boosting the ADA, Digital currency exchange Kraken announced last week that ADA staking was now available on its platform. Kraken users can now easily fund their ADA staking accounts to receive rewards of up to 6%, with payouts being delivered weekly.

The next major milestone in Cardano’s multi-year development roadmap is the Alonzo upgrade, which is set to introduce smart-contract capability on the blockchain.

Input Output Hong Kong, the developing arm behind Cardano, stated last month that Alonzo is being “gradually deployed to the mainnet via several testnests.” Early adopters and partners will be able to test features of the upgrade throughout May and June.

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