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Cardano has seen bullish price action over the weekend following further updates on its upcoming smart contracts rollout plan.
Cardano (ADA) tapped $1.70 on Sunday as the cryptocurrency regained fourth place above Binance coin (BNB). ADA has experienced a sharp price correction along with the majority of major cryptocurrencies over the past two weeks. Bitcoin has recently experienced one of its biggest drops in price.
The huge sell-off took its toll across the entire market. With the total market capitalization declining by over 53% from its May high. Declining from $2.57 trillion to a monthly low of $1.19 trillion.
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Source: Tradingview
Cardano updates sees bullish price
ADA had previously reached a new all-time high of $2.47 before the BTC correction saw price decline. The price has since recovered from its monthly low of $1 to reclaim the $1.60 mark.
Source: CoinGecko
In doing so, the crypto reclaims fourth spot from BNB. Cardano recently announced its plans for its smart contract rollout, called Alonzo. The multi-phase rollout will see a 30-60-90 day plan as explained by the Cardano team.
The color-coded series of testnets will start with Alonzo Blue, ending with Alonzo Purple expected to conclude somewhere around September 2021 according to the Cardano development update.
The project has seen an influx of growth in 2021 as it continues to build. The most recent milestone by Cardano saw the project hit one million ADA wallets.
Other notable upgrades to the network include the project’s upcoming ERC20 converter. Which will look to make ADA a real competitor against Ethereum, as it struggles with scaling issues.
Other notable achievements
Cardano currently has over 2,500 active pools, staking roughly $33.95 billion in ADA. The project has also delegated over $500 million in ADA towards charity-focused initiatives. With over 100 charity organizations across the globe.
