Several cryptocurrencies are skyrocketing over the weekend, but the most notable is Cardano.
Cardano is up 13% in 24 hours, and in one week the coin is up 50%, hitting the $2 threshold to become one of the 30 best performing cryptocurrencies. . By comparison, Bitcoin is up 10% in a week, and has been waiting for a breakout for a while.
Cardano has returned to the positive since Friday to become the fourth largest cryptocurrency in the market with a market capitalization of $67.5 billion, now overtaking Tether, the world's largest stablecoin.
Cardano may overtake Binance, with its bullish run, and Binance's market capitalization is only $1 billion more than Cardano.
Apart from a strong rally, Cardano is different from Bitcoin, in that the rise is not based solely on frantic speculation.
In fact, Cardano is outperforming because the market is waiting for the ADA network.
The blockchain developer announced the release of the data, and the new network is called Alonzo, which is a smart contract provider.
The smart contract feature allows Cardano to integrate with decentralized financial platforms (known as DeFi) and the network provides automated digital currency lending and trading, and this development could push the currency To outperform Ethereum, the market leader now.
On the technical side, it should be considered that the first support level for the digital currency is at $1.85, and for the rise there is resistance at the May 16 peak at $2.4.
