Cardano has Outperformed Major Altcoins in Monthly Performance

Cardano is the brainchild of former Ethereum co-founder Charles Hoskinson. In the last 24 hours, ADA has registered another ATH of $2.46. The last recorded ATH for Cardano’s native token ADA was on last Friday. The investors started to take a major interest in ADA as the price value was raised to $2.54 for the first time in history.

Today, ADA has shown another bullish leap by jumping forward by 4.5% since Friday. The data analytics service CoinGecko first reported and noted the new ATH for Cardano. August seems to be a great month for Cardano since last week ADA managed to mark another breakthrough by leaving behind Tether stablecoin on the leaderboard. Currently, ADA is posing as the 3rd largest altcoin with a market cap of $82 billion.

Cardano Community is Waiting for New Upgrade

The massive bullish turnout for Cardano native token in August is not just a sheer coincidence. On 10th August, Charles Hoskinson put the wheels of bullish market run into motion by making a pre-announcement. This declaration promised the stakeholders that the completion date for Alonzo upgrade implementation is soon to arrive.

After three days, Cardano developers revealed the precise date of September 12th as the day when the complete Alonzo upgrade will go live on the mainnet. The most important protocol of this upgrade is to make the Cardano blockchain compliant with Smart Contracts capabilities. Cardano was already riding on a booster from Grayscale moving to invest 4.26% in ADA last month.

In the last 24 hours, many altcoins, including Bitcoin, have undergone a small price correction. However, Cardano’s native token ADA seems to retain its bullish streak and went on to register a new ATH without any hesitation. Bitcoin that came very close to $50K this morning was not able to sustain the pressure and went down by 0.7%.

Meanwhile, Ethereum also followed suit by showing a small correction of 1.5% in the same time frame. Many other altcoins in the top 10 rankings, such as BNB, XRP, DOGE, SOL, UNI, and other markets, also looked a little upset. On the other hand, the overall crypto market cap has reached $2.1 trillion once again after a long spring crash.