Cardano (ADA), broke its previous all-time record to set a new record at $ 2.5 The coin’s price movements have been dramatic. The price of ADA has risen by more than 100% in the past month to a new record high. The journey has been challenging, but it has been fascinating. The digital asset has attracted both individual and institutional interest over the last few months.
The momentum of the coin increased significantly due to the silver that was flowing into it. The price of ADA fell more than 100% from its May high. It was at $ 1 as the crash hit. The asset has seen significant improvements in the network, which have led to a resurgence. This is why prices are currently on the rise.
Cardano (ADA) holds above $ 2 as bulls continue to aim for $ 2.5| Cardano (ADA) holds above $ 2 as bulls continue to aim for $ 2.5
Cardano (ADA), third in market cap for largest cryptocurrencies, broke the new all time high. To clinch the spot, eliminate Binance’s native BNB. The price rises ahead of major projects such as Bitcoin and Ethereum, reaching a new all time high before any of these assets. Since September’s announcement that smart contracts would be coming to the network, large daily price increases have been the norm. In less than a year.
Why smart contracts matter
Smart contracts will be a significant asset to the Cardano ecosystem. It cannot be overstated. This will make the network a valuable resource in decentralized finance and other areas. Developers will be able to create decentralized applications (DApps), which will bring DeFi services to Cardano network users through smart contracts.
Related reading: Cardano (ADA), breaks $ 2 for the first time since May. Why is a new all-time high imminent?| Cardano (ADA) breaks $ 2 for first time since May, why new all-time high is imminent
Cardano’s smart contract capabilities will allow it to compete with Ethereum, its biggest rival. Smart contracts will allow decentralized finance to be available in the Cardano ecosystem. NFTs can also be created on the network with smart contracts. Cardano’s pricing structure allows for NFTs to be issued on Ethereum for much less money than the Ethereum network currently offers.
Smart contracts support most of the upgrades that have been done. Upgrades like Alonzo Blue, and Alonzo White are now available and working well. The upgrade from Alonzo purple, the latest hard fork, is now complete. This upgrade will bring smart contracts to your network. According to the developer of the project, the launch date for the hard fork is September 12.
Cardano (ADA) heading for $ 3?
Cardano’s record breaking (ADA) doesn’t mean the end of the rally. The fact that major cryptocurrencies are still heading towards their previous highs suggests that the price is poised to continue its upward trend. With renewed interest in the crypto market, ADA’s price is expected to continue its climb.
ADA price reaches all-time high | Source: TradingView.com: ADAUSD
Bears can be resisted by the declining and recovering patterns. After every drop, the bulls take full control of the market. Each push sees prices breaking records, making this an ongoing bull run. As Alonzo Purple launches, anticipation builds and interest in the asset will continue.
ADA currently trades at a record $ 2.565 as of writing. This is an increase of 23% in 24 hours. Market capitalization slipped to third place at $ 82.4 billion. Trading volume has increased by more than 100% to $ 10.8 millions.
Featured image taken by Coingape. Chart from TradingView.com