Over the last 24 hours, Cardano (ADA) has been the top gainer in terms of price among the 10 largest cryptocurrencies in the market.
According to the data made available by the crypto analytics platform, CoinGecko, Cardano (ADA) is now bigger than Binance’s native token, BNB.
This implies that the digital token ADA is now the 3rd largest cryptocurrency by market capitalization, surpassing the likes of BNB and Tether (USDT), the world’s largest stablecoin.
Based on the data provided by CoinGecko, Cardano (ADA) is trading at $2.05, with a 17.5% price upsurge in the last 24 hours, at the time of writing. Cardano is now $65.8 billion in terms of market capitalization, while Tether (USDT) and Binance Coin (BNB) stand at 63.5 billion and 62.3 billion respectively.
What is the Reason behind this Notable Surge?
The notable rise started on 10th August 2021, after the brief update about the progress of IOG on Alonzo. In the course of the live update, Charles Hoskinson, the creator of Cardano (ADA) hinted at the community that on Friday (13th), he would announce the exact date when smart contracts functionality will be deployed on Cardano mainnet.
So, the current outstanding performance of Cardano (ADA) was simply tagged as the positive effect of the upcoming announcement.
Hoskinson also hinted that the implementation will play out before the upcoming Cardano summit, which is scheduled to take place in September.