Altcoin Cardano (ADA) soared in price by almost 50% in April. Interest in this cryptocurrency has increased markedly over the past few months in both the spot and futures markets.
For example, in March, open interest in futures on ADA reached $ 1 billion for the first time. The price of the altcoin in 2021 increased more than fivefold.
The ADA rate on Monday, May 10, strengthened to $ 1.8 (+ 2.5% per day). Over the week, Cardano has added a little over 30%.
Now the coin is in fifth place in the ranking of the largest cryptocurrencies. In terms of capitalization, ADA bypassed XRP and Tether (USDT).
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The total value of Cardano has reached $ 57.444 billion.
The key event for the altcoin was the breakout of the $ 1.48 resistance at the end of last week. Cryptocurrency fundamentals are improving, analysts say. Now Cardano is faced with the challenge of breaking resistance in the $ 2 and $ 2.25 areas.
The next software update will improve the performance of the Cardano network and attract more users. During May and June, some ecosystem participants will have access to test mode options that are activated through the Alonzo fork.
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The update will be integrated into the network gradually to test new options and fix bugs in the software, if any, says the blog of the altcoin developers.