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Highlights
- Cardano’s native token soared by 17.25 percent to US$2 at 12.04 pm ET on Friday after the developer announced a timeline for its upgrade.
- Nigel Hemsley, Cardano’s head of delivery, announced the release date of Alonzo Purple through video conference on Friday morning.
- The upgrade will be carried out to match the capabilities of the Ethereum network.
The upgrade of Cardano cryptocurrency (ADA-USD) to Alonzo Purple has led its price surge to a two-month high of US$2.03 at 10 am ET on Friday. Ethereum continued to rise as demand for coins from crypto-mining firms grew.
Cardano’s native token soared by 17.25 percent to US$2 at 12.04 pm ET on August 13 after its developer declared that its much-awaiting upgrade would be released on September 12.
The news helped its price surge to US$2.03, a two-month high, at 10 am ET on August 13. Nigel Hemsley, Cardano’s head of delivery, announced the release date of Alonzo Purple through video conference on Friday morning.
Also read: What are Bitcoin debit cards and where all you can use it?
Source: Pixabay.
The upgrade will be carried out to match the capabilities of the Ethereum network. Engineers would be able to run smart contracts and decentralized finance (DeFi) applications on the upgraded Alonzo Purple.
Smart contracts permit engineers to utilize the blockchain to send information or documents. DeFi enables peer-to-peer transactions of assets and capital without middlemen. As per Coin Market Cap, ADA ranks fourth in the market.
The market capitalization of the cryptocurrency is US$63 billion. A total of 32 billion ADA coins are in circulation currently and the maximum supply is 45 billion coins. Cardano is available at crypto exchanges like Tokocrypto, Coin Tiger, Binance, ZBK, and OKEx.
Ethereum (ETH)
Ethereum's price surged 5.95 percent to US$3229.76 at 2.44 pm ET. ETH value has been rising as many crypto mining firms are increasing their investments in the crypto network. The popularity of ETH is intact despite its planned change to proof-of-stake (POS) form from proof-of-work (POW) in the next five months. POW mining does not need advanced equipment.
However, experts believe the change might not happen in that period as ETH saw many delays in the past.
The market ranking of ETH as per Coin Market Cap is two. The market capitalization of Ethereum is US$23 billion. A total of 117 million ETH coins are in circulation. ETH can be bought at crypto exchanges like Binance, OKEx, Coin Tiger, Tokocrypto, and Huobi Global.
Ethereum mining machines reportedly consume lower energy, emit lower amount of heat and noise compared to Bitcoin.
Also read: How does a cryptocurrency work? What types of cryptocurrencies are there?
Bottomline
The cryptocurrency sector recently suffered a shock when hackers stole US$600 million from Ploy Network, a blockchain-based platform. It was the largest ever heft in the decentralized finance industry.
The latest upgrade is expected make reduce such threats. It will be interesting to see how long the crypto momentum remains.
