The proximity of smart contracts to the Cardano blockchain is driving up the price of its cryptocurrency ADA, while the burning of ethers on Ethereum exceeds $200 million.
The long-awaited functionality of smart contracts or smart contracts on the Cardano network, coming next month, is driving up the value of ADA in the markets. The cryptocurrency Cardano’s native network hit a new all-time high recently. According to data from CoinMarketCap, ADA has grown by more than 20% in the past week, pushing its price up to $2,55 per unit at the time of writing. However, yesterday it broke through its ceiling and found a new all-time high at $2,64 per ADA.
Source: CoinMarketCap
With this valuation, Cardano is once again the third most important cryptocurrency in the industry, maintaining a market capitalization of over $82.400 billion, surpassing that of BNB and USDT. Several analysts believe that ADA may continue the upward trend in the coming days and break the $3 per token barrier very soon.
Meanwhile Ethereum (ETH), which remains the second largest cryptocurrency on the market with a market capitalization of over $377.800 billion, has already burned more than 75.400 ethers, with an estimated value of around $235 million, according to data from Dune Analytics.
Source: Dune Analytics
The token burning on Ethereum, which began on August 5 with the arrival of the London update and the activation of EIP-1559, has made this cryptocurrency deflationary at times, that is, scarcer; it has also boosted its value to $3.200 per unit currently, which is 25% more than at the beginning of the month. The protocols that are burning the most tokens on Ethereum are the market NFT OpenSea, the protocol DeFi Uniswap and the game blockchain Axie Infinity, according to the same data provider.
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More than $2 trillion in the crypto market
The total cryptocurrency market cap is currently above $2,05 trillion, with growth of over 7% in the past week. Year-to-date, the total cryptocurrency market cap has nearly tripled from $770.000 billion at the start of January.
Source: CoinMarketCap
The explosive growth of the crypto market has a lot to do with Bitcoin, the industry's No. 1 cryptocurrency, which is on the verge of reaching $1 trillion in market cap again. Likewise, the economic potential of the altcoins and stablecoins It has also been of great influence on the revaluation of the crypto market.
Altcoins, as all cryptocurrencies other than Bitcoin are known, such as Ethereum, Cardano, and all the others, maintain a current market capitalization of over $1,15 trillion combined. Stablecoins, cryptocurrencies whose value is pegged to some fiat currency or another cryptocurrency or asset, such as USDT, USDC, DAI, among others, maintain a total valuation of over $XNUMX trillion. 118.900 million.
Source: CoinMarketCap
While ADA is among the most recent cryptocurrencies to reach a new all-time high, several other digital assets have shown significant strength over the past week, helping the total cryptocurrency market cap to come very close to its all-time high from May, when the entire crypto market surpassed $2,5 trillion.
Liquidity mining, parachains and more
AVAX, the native token of Avalanche, SOL of Solana and DOT of Polkadot, are some of the altcoins with the highest returns this week. AVAX's weekly growth exceeds 130%, mainly driven by the liquidity mining program on DeFi protocols such as CurveFinance y Aave.
For its part, SOL has seen a boost from high user demand and the building of new solutions and projects on its blockchain network, while the Polkadot hackathon and upcoming parachain auctions via the Kusama network are the main drivers for DOT.
DeFi is also on the rise
Quotes for major decentralized finance (DeFi) tokens are also growing exponentially this week. At the time of writing, Ethereum's decentralized finance protocols have a total liquidity of 1.8 million. 82.660 million, while the market capitalization of the industry's DeFi tokens exceeds 128.260 million.
Continue reading: Cryptocurrencies: Solana with new high and Dogecoin as the “strongest crypto” lead the Top 10
