Currently amongst the top 10 coins by market capitalization, Cardano is the leading token in the crypto market recovery that took place over the weekend. Meanwhile, Cardano’s cryptocurrency (ADA) experienced gains as high as 32% after the platform announced a slew of measures including the much awaited Alonzo testnet which was deployed on May 27th.
According to CoinGecko’s data, ADA was the most consistent earning token over the past 7 days amongst the 10 biggest cryptocurrencies in the world based on market capitalization. Only BNB was slightly ahead of ADA in terms of overall gains.
Much of the the previous success of Cardano becoming the leading token over the last 7 days can also be attributed to its scientific approach toward scalability and performance, which made it one of the biggest Ethereum contenders along with the likes of Polkadot and Binance Smart Chain.
The Cardano network only recently announced the dual feats of reaching 1 million ADA wallets mark, as well as 70% of existing ADA coins being staked across more than 2.5K staking pools.
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Will Cardano Outperform Ethereum as the Leading Token?
Former Goldman Sachs executive, Raoul Pal recently shared his belief that Cardano and a few other altcoins could outperform Ethereum and even Bitcoin once the Bull market returns.
“In traditional markets, once an established trend takes place, you move out the risk curve. So from Bitcoin, being like government bonds, you then go to Ethereum which is like corporate bonds, and then you go to junk bonds, which is all the other stuff, and then private-sector lending. So I’m just moving out the risk curve because the trend is established, and I know that in a bull market, ETH will outperform Bitcoin and alts will outperform ETH.”
He also said that his belief stemmed from the general trend that would arise in the case of a bull market that affects both Bitcoin and Ethereum that are 1st and 2nd Generation blockchain platforms, respectively.
IOHK Launches the First Testnet in Alonzo Rollout
Meanwhile Cardano founder Charles Hoskinson’s company Input-Output Hong Kong (IOHK) announced on May 27th that it had successfully deployed the first testnet in the Alonzo Rollout. Named Alonzo Blue, the Alonzo testnet is an early alpha network intrinsically designed to provide the core network functionality for the Alonzo node.
IOHK also stated that it had started roping in “Plutus Pioneers” and a select group of stake pool operators to better develop the foundations. The Alonzo hard fork will bring the much awaited smart contract functionalities to the Cardano blockchain network and give it a major boost for the development of dApps and platforms.