Recent weeks have seen a sharp rise in cryptocurrencies. Getty Images
Cardano's Ada cryptocurrency rose to $3 on Thursday, the highest level since 2009.
There has been excitement around the announcement of a major upgrade, which will allow smart contracts to be built on the network.
Ada is the third-largest cryptocurrency in terms of market capitalization, after bitcoin and ether.
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Cardano's Ada cryptocurrency rose above $3 on Thursday, as developers began upgrades that will enable "smart contract" building on the network.
Ada rose 9.1% at 4.25 AM. According to Coingecko ET stood at $3.04. It previously touched an all-time record of $3.09.
As investors get excited about Alonzo's major network upgrade, the digital token has enjoyed a strong run these past weeks.
Ada's jumps on Wednesday night and Thursday morning coincided when IOHK, a cardano developer, announced that Alonzo upgrades were being launched on a test network. The launch will take place later in September.
Continue reading: A top market technician became bullish on Cardano just before it surged 92%. He explains how Cardano could 'double' or 'triple' its current levels and why Solana may have the most bullish cryptocurrency chart.
Alonzo upgrades allow smart contracts to build on the network. This could make the cardano cryptocurrency more appealing to more users. Smart contracts are a code piece that allows users to enter financial agreements without needing to be centralized. This move could make cardano a stronger competitor to ethereum. Currently, smart contracts are available and have attracted increasing institutional investor interest due to its potential use in financial services.
IOHK, a Cardano developer, stated on Twitter that the Cardano Testnet now supports Plutus smart contract. Integrations and final testing ahead. SPOs will now upgrade the mainnet nodes. Next stop is the mainnet upgrade. We are still on schedule for 12 September. Moving on!"
Ada is now third in market capitalization, after bitcoin and ether. It has increased more than 130% in the past 30 days and is over 2,300% higher than the previous year.
Altcoins, also known as altcoins, have seen a sharp rise in the last few weeks during a wider rebound in crypto markets that has also seen bitcoin increase. According to Coingecko Ether has risen by more than 42% over the past 30 days while XRP has risen by more than 68%.
