The value of Cardano has hit a new all-time high at $3.09 today. The cryptocurrency has added 7.82% over the past 24 hours. Cardano's capitalization has increased to $97.426 billion, according to CoinMarketCap. Over the past month, the altcoin's price has grown by 138%.
In August, the asset ranked third on the list of the largest cryptocurrencies in terms of capitalization, overtaking Binance Coin and the stablecoin Tether.
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Cardano's price is growing following the trend of Bitcoin, whose price has recorded a 5% increase over the past day and has surpassed $50,000. In addition, the upcoming Alonzo update, which will take place next September 12, could contribute to the altcoin's price increase. The hardfork will add support for smart contracts and the ability to create decentralized applications (dApps) to the Cardano blockchain.