Cardano’s cryptocurrency ADA climbed up the list of the largest cryptocurrencies in terms of market value, with its rise on Sunday.
The ADA, which rose 14 percent on Sunday, rose to $ 1.83 on major exchanges and set a record. The ADA, which is traded at $ 1.80 as of translation broadcast time, gained 31 percent throughout the week and 47 percent throughout the month.
Cardano, whose market value reached $ 57.2 billion, rose to sixth place by displacing Tether on the list of largest cryptocurrencies according to Coingecko data. Crypto money ranks fifth according to CoinMarketCap data.
ADA also gained 16 percent in Bitcoin (BTC) parity. Still, the ADA / BTC pair is still well below its all-time high.
Cardano’s rise supports some technical, fundamental, and sensitivity-driven indicators. Cryptocurrency’s uptrend was confirmed as it broke the $ 1.48 resistance last week. The next price targets are set at $ 2 and $ 2.25.
Digital currency exchange Kraken announced the launch of ADA staking on the platform last week. By staking their ADA savings, users will be able to earn around 6 percent interest with weekly interest payments.
On the other hand, IOHK, the organization responsible for Cardano’s development, announced that the Alonzo update, which will make blockchain compatible with smart contracts, is gradually being implemented on the mainnet. Its first users will be able to test the update during the months of May and June.