Cardano (ADA) has successfully broken its previous all-time high to set a new one able $2.5. The price movement of the coin has been a tremendous one. ADA’s price has grown over 100% for the past month to settle at a new all-time high. Although the road here has been bumpy, it has been an interesting one. Both individual and institutional interest in the digital asset has in the past months.
Money flowing into the asset has seen a significant uptick in the momentum of the coin. ADA price had crashed down from its all-time high back in May by over 100%, resting in the low $1 by the time the crash had run its course. But significant improvements in the network have seen renewed interest in the asset. Hence the reason for the current uptrend in the price.
The break of the new all-time high has put Cardano (ADA) in the third position for the largest cryptocurrencies by market cap. Kicking out Binance native BNB to clinch the spot. The price rallies ahead of top projects like Bitcoin and Ethereum, hitting a new all-time high before any of these assets. Significant daily gains in the price have been the norm since the team announced that smart contracts would be coming to the network in September. Less than a month away.
Why Smart Contracts Are Important
The value that smart contracts will bring to the Cardano ecosystem cannot be overemphasized. This will give the network significant value in its use cases when it comes to things like decentralized finance. Smart contracts on the network will allow developers to build decentralized apps (DApps) in order to bring DeFi services to users on the Cardano network.
Smart contracts capability will put Cardano in a position to be able to compete with its biggest rival; Ethereum. With smart contracts, not only will decentralized finance be coming to the Cardano ecosystem, things like NFTs can be minted on the network. And with Cardano’s fee structure, for significantly less than NFTs are currently being minted on the Ethereum network.
Most of the upgrades required have already been carried out for the support of smart contracts. Upgrades like Alonzo Blue and Alonzo White have been launched and working successfully. What remains now is the Alonzo Purple upgrade, the final hard fork that will bring smart contracts to the network. And according to the developer behind the project, the hard fork has a September 12th target date for the launch.
Cardano’s (ADA) all-time high break does not signal an end to the rally. If anything, the break while top cryptocurrencies are still making their way towards previous highs indicates that the price is set to continue this breakout. With the renewed interest in the crypto market, the price of ADA is set to continue its upward climb.
ADA price breaks new all-time high | Source: ADAUSD on TradingView.com
Dip and recovery patterns show strong resistance to the bears. Pulling upwards after every slight dip complete control of the market by the bulls. Each surge now sees the price breaking previous records, making this a continuous bull run. As anticipation builds towards the Alonzo Purple launch, interest in the asset will continue to see the price of Cardano (ADA) move.
ADA is currently trading at an all-time high price of $2.565 as at the time of this writing, up 23% in the last 24 hours. While the market cap has clenched 3rd place at $82.4 billion. Trading volume is up over 100% at $10.8 million.
Featured image from Coingape, chart from TradingView.com