As of press time, ADA's market capitalization stands at $80.7 billion compared to Binance coin's (BNB) $72.1 billion, data from provider Messari shows.
ADA is currently changing hands for around $2.49 after reaching its record high of $2.55 during the Asia trading hours.
Strong levels of daily buyer volume – the most since the end of May – are matching price action on the way up signaling demand in the strength and conviction of ADA's trend.
It would appear the Alonzo upgrade is having a significant impact on investor sentiment. The upgrade seeks to usher in smart-contract functionality and address what critics have described as one of the network’s most glaring deficiencies.
Cardano was founded by Ethereum co-founder Charles Hoskinson in 2017 and aims to directly compete with Ethereum and other decentralized application platforms as a more scalable, secure and efficient alternative.
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