The price of Cardano’s ADA token has surpassed the $2 mark after surging over 64% in the last 30 days, and 15% in the last 24-hour period ahead of a major smart contract announcement expected from its founder Charles Hoskinson.
According to CryptoCompare data, the cryptocurrency is now trading at $2.04 after seeing trading volumes on Top-Tier exchanges above $3 billion. The cryptocurrency’s rise past $2 marks its highest level since mid-May, ahead of the cryptocurrency market crash that saw top cryptoassets lose over half their value.
ADA’s price move is coming ahead of an expected announcement from Charles Hoskinson on when the Alonzo hard fork will be deployed on the network to bring smart contracts to it. Smart contracts will allow Cardano to compete with Ethereum, the Binance Smart chain, and others with its own decentralized finance (DeFi) applications.
As CryptoGlobe reported, Input Output Hong Kong (IOHK), one of the companies working on Cardano, has revealed the Alonzo Purple testnet has already started its user onboarding process.
IOHK, which has already been helping various exchanges integrate with Alonzo White, plans to talk to more exchanges so that as many crypto exchanges as possible are ready for the Alonzo hard fork combinator event.
Crypto analyst Lark Davis has revealed the hard fork is a “very bullish catalyst” and noted that if the price of ADA goes up at least 6x its market capitalization will match that of Ethereum, the leading smart contracts network.
Veteran cryptocurrency trader Peter Brandt, known in the cryptocurrency space for accurately calling Bitcoin’s 84% decline in 2018, has revealed that a new development in Cardano’s chart shows the cryptocurrency nice to hold a key level to remain bullish. In a tweet, Brandt noted the cryptocurrency needs to remain above $1.25.
Last month, ADA’s popular Yoroi wallet launched a decentralized application connector that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network.
Earlier Amy Arnott, a portfolio strategist at Morningstar that focuses on cryptocurrencies, has revealed she believes ADA could become one of the largest three cryptocurrencies by market capitalization and go mainstream, along with Bitcoin and Ethereum.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Unsplash
