ADA Breaks above $3 for the First Time As Smart Contracts Now Run On Cardano Testnet

Cardano (ADA) has continued its expected growth with the new record in terms of price. According to CoinGecko, the digital token ADA has surpassed $3 for the first time in history in the wake of the launch of smart contracts on Cardano testnet.

In the last 24 hours, the digital currency has been up more than 10%, resiliently cementing its place as the third-largest cryptocurrency by market capitalization.

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At the time of writing, Cardano (ADA) is trading at $3.06 and is currently on the verge of surpassing $100 billion in terms of market capitalization. This comes following a market-wide increase over the last couple of hours.

On the other hand, the largest cryptocurrency by market cap, Bitcoin (BTC), has gained over 5% based on 24 hours estimation. Now closes on breaking above $50,000 resistance level once again. Many analysts believe this is good for Cardano (ADA) as the whole market is believed to currently rest on the wings of the flagship digital currency.

Ethereum (ETH), the second-largest cryptocurrency is also doing well in the market. At the time of press, ETH is trading at $3,754, with a relatively 7% price upsurge based on 24 hours estimation.

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The total cryptocurrency market capitalization is up over $100 billion in the past 24 hours. According to CoinGecko, the crypto market currently sits at $2.3 trillion.

Smart Contracts Launch on Cardano Testnet Attributed to the Current Performance

The current positive trend of the digital token ADA has been attributed to the official launch of smart contracts on the Cardano testnet.

The new development was announced a couple of hours ago via the official Twitter handle of Input Output Global (IOG), the software firm behind the development of the Cardano blockchain. In the report, the firm made it clear that the much-anticipated Alonzo mainnet launch is still on track as estimated.

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IOG tweeted, “So there we have it. Since c. 20:20 UTC today, the Cardano Testnet now officially supports Plutus smart contracts. Final testing & integrations ahead. SPOs will now upgrade their mainnet nodes. Then next stop… mainnet upgrade. Still on track for 12 September. Onward!”

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