The price of ADA increased by 10% and had reached a high of $2.3.
Driven by large investors, the ADA price spike resulted in a rapid increase. As a result, Cardano is currently trading at $2.09, with a trading volume of $5.4 billion in the last 24 hours.
Cardano’s market capitalization is $69 billion at the moment.
While retail investors continue to sell ADA, buying pressure is greater than selling pressure from orders starting at the $100,000 to $1,000,000 level. As a result, coin sales have dropped significantly.
In addition to increasing buying pressure versus selling pressure, progress was also announced on major upgrades to the Cardano network.
After upgrading the smart contract capability, the ecosystem has started to enter a new era along with the hard fork Alonzo. In addition, many investors are coming to bet on the growth of the network.
A beta version of the network’s Plutus application backend was also released to enable compatibility with the Cardano wallet and make it easier for users to deploy financial contracts.
This facilitates the use of smart contracts in the network and leads to smoother use of dApps.