Cardano sets a new all-time high after a 14 percent rise.

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With a market capitalisation of approximately $58 billion, ADA has surpassed Tether in the market cap charts.

Cardano’s ADA cryptocurrency surged on Sunday, reintroducing the smart contract network to the upper echelons of market capitalisation rankings.

ADA increased 14 percent to $1.83 on major markets, setting a new all-time record. It was last seen floating just below $1.80, having added 14% on the day, 31% on the week, and more than 47% in the past month.

At current values, Cardano has a market cap of $57.8 billion, flipping Tether (USDT) for sixth spot on the market leaderboard, according to Coingecko. Cardano’s market ranking could be seen as high as fifth on CoinMarketCap.

Cardano’s ADA cryptocurrency has charted significant growth in 2021. Chart: TradingView

ADA was still outperforming Bitcoin (BTC), rising 16 percent against the biggest cryptocurrency. When weighed in Bitcoin, ADA is also way off its all-time peak.

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As investors prepare for the next leg of the bull market, Cardano is being backed by a confluence of economic, fundamental, and sentiment-driven indicators. According to Cointelegraph, the resumption of ADA’s uptrend was verified late last week when the cryptocurrency hit the $1.48 resistance. The price activity indicates that the imminent upside goal is $2.00, followed by $2.25.

In terms of fundamental developments, digital currency exchange Kraken announced last week that ADA staking was now available on its platform. Kraken users can now easily fund their ADA staking accounts to receive rewards of up to 6%, with payouts being delivered weekly.

The Alonzo update, which is expected to add smart-contract capability on the blockchain, is the next big achievement on Cardano’s multi-year growth roadmap. Last month, Input Output Hong Kong, Cardano’s production arm, clarified that Alonzo is being “gradually deployed to the mainnet via several testnests.” Throughout May and June, early adopters and partners will be able to try out functionality of the update.

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