Cardano’s ada cryptocurrency has sky-rocketed on Thursday to go above $3 for the first time ever, after developers started upgrades that will help “smart contracts” be done on its network.

Ada was higher by 7.8% according to Coingecko, to get to $3.04. It earlier reached an all-time high of $3.09.

The digital token also had a stellar go in recent weeks as investors were excited about the huge network upgrades, which was codenamed Alonzo.

Ada’s boost on Thursday morning went along with cardano developer IOHK reporting that the Alonzo upgrades were launched in a test network and that the full launch would be later in September.

The Alonzo upgrades will give the path for smart contracts to be created on the network, possibly making the cardano blockchain an even more attractive one to a wider array of users. A smart contract is a piece of code that allows individuals to enter into financial agreements without a need for a centralized bank or group.

This move might make cardano a bigger rival to ethereum, which already gives smart contracts and has gotten greater institutional investor interest for its large range of possible uses within the financial services.

Cardano developer IOHK revealed on Twitter that: “The Cardano Testnet is now officially supporting Plutus smart contracts. Final tests & integrations are incoming. SPOs will upgrade their mainnet nodes now. Then next… mainnet upgrade. We are still on track for September 12th. Onward!”

Ada is now among the third-biggest cryptocurrency, behind ether and bitcoin, in terms of market capitalization. It is higher by over 130% over the past 30 days and is over 2,300% higher in the past year.

So-called altcoins have gone up sharply in the past weeks, during a larger rebound in the cryptocurrency market that also featured a bitcoin boost. Ether has gone up by over 42% in the past 30 days, according to Coingecko, while XRP has gone up over 68%.

This is at a time when many investing experts are saying the U.S. Dollar is in trouble due to inflation, which was caused, in part, by the Democrats’ large relief programs.

Author: Steven Sinclaire

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