Cardano, counterpart of Ethereum, exceeds $2.60 per unit

The proximity of smart contracts to the Cardano blockchain is driving up the price of its ADA cryptocurrency, while the burning of ethers in Ethereum exceeds 200 million dollars.

The expected 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 network native hit a new all-time high recently. According to data from CoinMarketCap, ADA has grown more than 20% in the last week, taking its price to $2.55 per unit at press time. However, yesterday it broke its ceiling and found a new all-time high at $2.64 per ADA.

Cardano (ADA) price chart in the last week.
Source: CoinMarketCap

With this valuation, Cardano is once again the third most important cryptocurrency in the industry, maintaining a market capitalization of more than 82.4 billion dollars, surpassing that of BNB and USDT. Several analysts consider that ADA may continue the upward trend in the coming days and break the barrier of 3 dollars per token very soon.

In the meantime, Ethereum (ETH)which remains the second most important cryptocurrency in the market with a capitalization of more than 377.8 billion dollars, has already burned more than 75,400 ethers, with an estimated value of about 235 million dollars, according to data from Dune Analytics.

Ethereum after the activation of EIP-1559. }
Source: Dune Analytics

The burning of tokens in 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, more scarce; It has also boosted its value to $3,200 per unit today, which is 25% more than at the beginning of the month. The protocols that are burning the most tokens in Ethereum are the market NFT OpenSea, the protocol DeFi uniswap and the game blockchain Axie Infinityaccording to the same data provider.

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More than $2 billion in the crypto market

The total market capitalization of cryptocurrencies is above $2.05 trillion currently, growing by more than 7% in the last week. So far this year, the total capitalization of cryptocurrencies has nearly tripled, from $770 billion at the start of January.

Market capitalization of all cryptocurrencies, August 2021.
Source: CoinMarketCap

The explosive growth of the crypto market has a lot to do with Bitcoin, the No. 1 cryptocurrency in the industry, which is about to hit $1 trillion in capitalization again. Also, the economic potential of altcoins and the stablecoins It has also been of great influence for the revaluation of the crypto market.

Altcoins, as all non-bitcoin cryptocurrencies such as Ethereum, Cardano and all the others are known, maintain a current market cap of over $1.15 trillion combined. For their part, stablecoins, cryptocurrencies whose value is anchored to a fiduciary currency or other cryptocurrency or asset, such as USDT, USDC, DAI, among others, maintain a total valuation higher than the $118.9 billion.

Altcoin market capitalization, August 2021.
Source: CoinMarketCap

Although ADA is among the most recent cryptocurrencies to hit a new all-time high, several other digital assets have shown great strength in the past week, helping the total cryptocurrency capitalization 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 highest performing altcoins this week. AVAX weekly growth exceeds 130%, mainly driven by the liquidity mining program in DeFi protocols such as Curve Finance and Aave.

For its part, SOL has seen a boost due to the high demand from users and the construction of new solutions and projects in its blockchain network, while the Polkadot hackathon and the upcoming parachain auctions through the Kusama network are the main ones. DOT boosters.

DeFi also goes up

The prices of the main decentralized finance (DeFi) tokens are also growing exponentially this week. At the time of this edition, Ethereum decentralized finance protocols have a total liquidity of $82.66 billionwhile the market capitalization of industry DeFi tokens exceeds $128.26 billion.

Continue reading: Cryptocurrencies: Solana with new high and Dogecoin as the “strongest crypto” lead Top 10