Cardano (CCC:ADA-USD) is soaring to a new all-time high this morning as the crypto continues a rally that’s been taking place over the last few weeks!
So why is Cardano doing so well of late? The crypto is pulling in extra interest from traders thanks to its rally. That’s resulted in heavy trading volume for ADA, which is also causing the price to swell.
But that’s not the only thing that has ADA heading higher. Crypto traders are also looking forward to a new software upgrade for the network. This matters because the upgrade should allow it to compete better against larger rivals, such as Ethereum (CCC:ETH-USD).
This upgrade will introduce smart contracts that open up Cardano to more uses. The current guideline claims that these will launch for the crypto on Sept. 12.
There are also other reasons that crypto enthusiasts have been taking a liking to ADA. That includes its resilience during crypto crashes, as well as its low energy use when compared to Bitcoin (CCC:BTC-USD), reports Fobes.
With Cardano reaching a new all-time high, we have to wonder just how well the crypto has been doing. Honestly, staggeringly so. Since the start of the year, ADA has gained nearly 1,300%. That makes it a top performer in the crypto space and definitely one of the biggest altcoins to consider.
ADA was up 20.3% over a 24-hour period as of Friday morning.
Of course, Cardano’s new all-time high isn’t the only crypto news worth talking about today!
InvestorPlace keeps up with the crypto market by offering daily coverage of the space and today is no different. A few examples of what traders should watch on Friday include Ethereum changing to proof of stake, insight into Shiba Inu (CCC:SHIB-USD), as well as another dive into ADA. You can find all of this crypto news at the links below!
More Crypto News for Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
View more information: https://investorplace.com/2021/08/cardano-all-time-high-the-reason-why-ada-price-is-going-up-this-week/