The largest altcoin Ethereum (ETH) is trading at $47,251 today. The competitor of this digital asset is Cardano (ADA).
Its developers last year activated the option to launch smart contracts on the blockchain. From that moment, the value of ADA began to add, and the network on which the asset is based began to gain a foothold in the DeFi decentralized finance market.
The ADA exchange rate strengthened on March 28 to $1.2, the capitalization of this cryptocurrency increased to $41.99 billion. The launch of the option to deploy smart contracts on the blockchain is the most important stage in the history of Cardano, according to both the network developers themselves and outside observers.
Since May 2021, ADA has been moving along roughly the same trajectory as Ethereum has been since January 2017.
As long as Cardano holds above $1, the altcoin has plans to take the coin to $1.25 and even higher. Interest in this digital asset is growing in both the spot and futures markets.
Institutional investors appreciate the long-term potential of ADA and invest in products focused on this asset.
According to CoinGlass, open interest in Cardano futures exceeded $564 million, the highest since mid-January 2022.