Cardano has definitely been one of the biggest trendsetters in the cryptocurrency market, with the sector resuming its rally. The coin has gone beyond Binance Coin in order to become the third-largest cryptocurrency by the virtue of its market capitalization. Analysts believe that the cryptocurrency will definitely aim higher after it set an all-time high price of $3 earlier.
The overall market of the cryptocurrency did go ahead and resume its rally today after it ended up underperforming since the week began. Bitcoin, on its part, was able to touch the key resistance level of $50k after struggling for the last couple of days.
Cardano Experiencing Massive Rally
Meanwhile, Ethereum has also cemented its price in the hierarchy with a price above $3,500, with the native coin of the cryptocurrency set above $3,775 per coin. Cardano, on its part, has hit the ground running today, with an all-time high of $3. The rally of this cryptocurrency also coincides with the launch of the Alonzo testnet with the network preparing for the launch of mainnet later this month.
The upgrade of Alonzo will also be expected to bring in numerous developments to the blockchain of ADA, which would definitely include smart contract features. With the presence of smart contracts, the blockchain will be able to host DeFi protocols and NFTs.
For Cardano and other blockchain protocols, NFTs and DeFi are some of the hottest fields, which has seen their adoption throughout the crypto space. Hence, there is a massive possibility of DeFi and NFTs coming to the blockchain of ADA- which has been enough to create a rally for the cryptocurrency.
According to the latest news, the price of Cardano went up by 4% over the last 24 hours, with ADA trading at a price range of $3.