Ether, the largest altcoin by market cap, is today trading around $3,300. The competitor of this digital asset is Cardano (ADA).
The developers of this altcoin last year activated the option to launch smart contracts on its blockchain. From that moment, the value of ADA started to increase, and the network on which the asset is based started to gain a foothold in the DeFi decentralized finance market.
The ADA price hit $1.2 on March 28, and its capitalization increased to $41.99 billion. The launch of the possibility to deploy smart contracts on its blockchain is the most important stage in the history of Cardano.
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 still has chances to soar to $1.25 and even higher. Interest in this digital asset is growing in both the spot and futures markets.
According to CoinGlass, the open interest in Cardano futures exceeded $564 million, its highest level since mid-January 2022.