Cardano (ADA) is on the rise once again after plummeting so hard to the ground; this time around, Cardano has come around with a solid price uphill and has secured the third overall place when it comes to crypto ranking.

The highest price for the cryptocurrency was registered back in May when ADA climbed all the way to $2.46; at the time of writing, it is trading for $2.51 after climbing all the way to $2.55 earlier. Cardano has seen a massive surge in the last 24 hours of about 20.35%. BNB is out of the picture for now as it got stomped by Cardano, where the cryptocurrency has taken the third overall position bearing a market cap of $81 billion.

It only has two direct competitors at the moment are Bitcoin and Ethereum; the surge in the price can be linked to the much-awaited Alonzo hard fork update that is going to update the overall ecosystem of Cardano by enabling the smart contract functionality for the cryptocurrency. The most recently shared time frame for the update is around 12 September, which means that by the time, there will be some pretty neat changes hovering over the Cardano space, offering stability and consistency to the cryptocurrency.

Cardano’s New Update is Approaching

After the Alonzo update is thorough, the developers will be able to utilize smart contracts’ power to develop the decentralized finance apps right on the proof of stake blockchain. This will most definitely be a major step in the pathway of Cardano for becoming a leading cryptocurrency after Ethereum and Bitcoin and even for increasing its price later on. Because with the initiation and linking of these apps, there will be no need for a middleman as the cryptocurrency’s borrowing, lending, and trading could be automated, pushing Cardano into the future.

The overall perspective on which Cardano is based is the initiation of a blockchain system that is more efficient and scalable relevant to Ethereum and many other crypto blockchains out there. The latest update it is to undertake might be able to prove it for Cardano.