If trading over the last 24 hours is anything to go by, the world has a new favorite cryptocurrency. The Ada coin has skyrocketed in value over the last day of trading. As of the time of this writing, Ada is up 19.53% over the past 24 hours, surging from a low of $2.06 per coin to the current price of $2.51 per coin.
But just what is Ada? Here’s what you need to know:
- What is Ada? Ada is a cryptocurrency whose transactions are facilitated on the peer-to-peer public blockchain platform called Cardano.
- What is Cardano? It’s a decentralized public blockchain platform founded by Ethereum cofounder Charles Hoskinson. Cardano aims to compete with the current decentralized platform heavyweight, Ethereum. The Cardano platform launched in 2017.
- How much is Ada worth? As of the time of this writing, Ada is worth $2.51 per coin. When you add up all the Ada coins in existence, that gives Ada a market cap of $80.94 billion.
- How does Ada compare to the market caps of bitcoins and Ethereum? Ada still has a ways to go when measured by market cap. Bitcoin’s current market cap is $884.9 billion and Ethereum’s market cap is $375.8 billion.
- Why is Ada up so much? Ada’s price surge is likely due to the upcoming Alonzo upgrade, according to CoinDesk. The Alonzo upgrade will allow for features like smart contracts, which allow for decentralized finance apps to run on crypto platforms. This Alonzo upgrade will help Ada better compete with its peers.
- Should I buy Ada? That’s something only you can decide. Ada, like all cryptocurrencies, can be highly volatile. Whether the risk is worth it likely comes down to your own personal circumstances.