Cardano (ADA), the native cryptocurrency powering Charles Hoskinson's public blockchain, has hit a fresh all-time high and has surpassed Binance's native token in total market capitalization.
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.
The upgrade is slated for Oct. 1, though some are betting it will overshoot and release sometime later.
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.