With the crypto market in general recovering and its total value rising above the $1.9 trillion mark, the world’s fifth largest cryptocurrency Cardano (ADA) is up more than 20% in the last 24 hours.
At press time, the ADA cryptocurrency is trading at a two-month high at $1.76 and a market capitalization of $56.8 billion.
What are the reasons for the rise in the price of the digital currency ADA Cardano?
If we look at the weekly charts, we find that the price of the ADA cryptocurrency is up 35% after a strong development activity on the network.
This is what was published by the “Santiment” platform that analyzes the data of blockchain networks, where it indicated the following:
Cardano has enjoyed a good price recovery over the past month, with its price jumping to a two-month high of $1,726.
When it comes to identifying assets with long-term viability, the development activity on Karadno promises great.
IOHK announces the release of the beta version called “Alonzo Purple”:
IOHK, the blockchain infrastructure provider and the company behind Cardano’s development, has announced that the Alonzo Purple beta is up and running.
The launch of “Alonzo Purple” follows the launch of two previous testnets, “Blue” and “White”.
Interestingly enough, Alonzo Purple is the first fully public Karadano testnet to support smart contracts.
This is one of the most important upgrades on the Cardano blockchain as it puts Cardano in direct competition with industry giants like Ethereum.
The “Alonzo Purple” updates arrived exactly last week on August 6.
The announcement of the development plan indicated the following:
This is an exciting and important next step in Alonzo’s journey.
In fact the Cardano trip as a whole.
With support from the OG community testers, we have passed Blue & White phases, and “AlonzoPurple” will be the first fully public Cardano test that supports smart contracts.
We want to ensure that as many trading platforms as possible are ready for the new upgrade especially with regards to network splits, to ensure that their clients can maintain uninterrupted deposit/withdrawal access to ADA and do not have to wait during the upgrade and update processes.