Cardano (ADA) has shown no signs of slowing as the price of the asset continues to rise. The goal remains to reach a new all-time high before the end of the year. The previous all-time high for the asset is $ 2.45, and a price crash caused the asset to lose more than half that value in the months that followed. Then another bull rally had been triggered in the market, which had caused cryptocurrencies across the market to post massive gains on a daily basis.
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Cardano (ADA) was not left out in this rally. The price had dropped to a low of $ 1 before the rally began. But at the time of this writing, the asset had successfully recovered over 100% of its low price in July. However, the price hike didn’t surprise the community that much. Work is currently underway to integrate smart contracts into the Cardano network. This would help position the project as a rival for the leading smart contracts platform Ethereum.
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Reaching $ 2 was more of the hurdle for the asset. Turn out to be a point of resistance in advance. But ADA had overcome that hurdle, and now the price appears to be gaining a foothold above $ 2, and now the ever-moving target, the price of digital assets, has been set for a fresh run towards $ 2.5 for the asset. Break the previous record of all time and set a new one.
Smart contracts are published
One possible push to get Cardano (ADA) to the point the cops are aiming for will be the release of the Smart Contracts feature. Last Friday it was announced that the launch will take place on September 12th, one month after the date of the announcement. This may be a short timeframe, but the project had been underway for a long time.
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The announcement of the mainnet launch date pushed the price above $ 2. As this is a definite date for what the community has been waiting for – an opportunity for Cardano to break into the DeFi space. With smart contracts, developers can create decentralized apps (DApps) in the Cardano network in order to provide their users with decentralized financial services (DeFi). And the DApp connector released last month will act as a bridge between Cardano users and decentralized applications.
As the launch date approaches, investors are getting interested in the asset. Its relatively cheap price, despite being the third largest cryptocurrency by market capitalization, makes it an interesting investment for investors looking for big returns.
Road to Cardano (ADA) for $ 2.5
Price movements in cryptocurrencies have always been difficult. But they function like any other market and uphold the laws of economics. A higher demand than the supply leads to a higher price. Cardano is ready to experience this in price when the mainnet launch for smart contracts finally takes place.
ADA prices find a landing point above $ 2 | Source: ADAUSD on TradingView.com
ADA has a total supply that is limited to 45,000,000,000. Over 71% of these are already in circulation. The dwindling supply and increasing demand put ADA on the way to another rally.
The price of ADA is currently holding steady above $ 2 at a price of $ 2.073. The signals show positive sentiment in the community as investors continue to hold their coins until September 12th. Since most of the circulating ADA supply was already staked out before the introduction of the Alonzo Purple, this means bringing smart contracts into the network.
Featured image from CryptoSlate, chart from TradingView.com