Cardano (ADA) Shoots 22% To Two-Month High with Strong Development Activity

Amid the broader crypto market recovery post $1.9 trillion, the world’s fifth-largest cryptocurrency Cardano (ADA) is up by 22% in the last 24-hours. At press time, ADA is trading at a two-month high price of $1.79 and a market cap of $57.4 billion.

If we look at the weekly charts, the ADA price has surged 35% following a strong development activity taking place on the network. On-chain data provider Santiment notes:

Cardano has enjoyed a nice price rebound over the last month, with its price jumping to a 2-month high $1.726. When it comes to identifying assets with long-term viability, development activity that looks like $ADA‘s is a great place to start.

IOHK Announces Launch of Purple Testnet

IOHK, the blockchain infrastructure company behind Cardano announced that the Alonzo Purple testnet on the proof-of-stake Cardano blockchain is up and running.

The launch of Alonzo Purple follows the launch of two previous testnets – Blue and White. Interestingly, the Alonzo Purple is the first fully public Cardano testnet supporting smart contracts. This is one of the most important upgrades to the Cardano blockchain as places direct competition to giants like Ethereum.

The updates for the Alonzo Purple arrived last week on August 6. The announcement from the developer noted:

This is an exciting and important next step in the #Alonzo journey. In fact, the #Cardano journey. With the support of our OG community testers on the Blue & White phases, #AlonzoPurple will be the first fully public Cardano testnet to support smart contracts.

While ensuring a smooth transitioning into the world of smart contracts, the developers further added: “We want to ensure as many exchanges as possible are ‘[Alonzo hard-fork-ready]’ when we hard fork the network, to ensure that their customers maintain uninterrupted deposit/withdrawal access to their ADA and do not have to wait for this to be sorted out afterwards”.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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