Cardano (ADA) has successfully broken its previous all-time high and hit a new value of USD 2.5. The price movement of the coin was enormous. The price of ADA has risen over 100% in the last month to settle at a new all-time high. Although the road was bumpy here, it was interesting. Both individual and institutional interest in the digital asset has increased in recent months.
Money flowing into the asset has greatly increased the momentum of the coin. ADA price had fallen over 100% from its all-time high in May and was at the $ 1 low when the crash began. But significant improvements in the network have sparked renewed interest in the asset. Hence the reason for the current upward trend in price.
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The breakthrough of the new all-time high has brought Cardano (ADA) to the third place of the largest cryptocurrencies by market capitalization. Throwing out the native Binance BNB to secure the spot. The price bounces off top projects like Bitcoin and Ethereum and hits a new all-time high in front of all those assets. Significant daily price gains have been the norm since the team announced that smart contracts will hit the network in September. Less than a month away.
Why smart contracts are important
The value that smart contracts bring to the Cardano ecosystem cannot be overstated. This will add significant value to the network in its use cases when it comes to things like decentralized funding. Smart contracts in the network enable developers to create decentralized apps (DApps) in order to provide DeFi services to users in the Cardano network.
Related reading | Cardano (ADA) breaks $ 2 for the first time since May, why a new all-time high is imminent
The ability of smart contracts will enable Cardano to compete with its biggest competitor. Ether. With smart contracts, not only will decentralized finances come into the Cardano ecosystem, but things like NFTs can also be shaped in the network. And with Cardano’s fee structure, there are currently significantly fewer than NFTs in the Ethereum network.
Most of the required upgrades have already been made to support smart contracts. Upgrades like Alonzo Blue and Alonzo White have been introduced and are working successfully. What is left now is the Alonzo Purple upgrade, the final hard fork that will bring smart contracts into the network. And according to the developer behind the project, the hard fork has a target date for launch on September 12th.
Cardano (ADA) on its way to $ 3?
Cardanos (ADA) all-time high point does not signal the end of the rally. If anything, while the top cryptocurrencies are still hovering to previous highs, the break suggests that price will continue that breakout. With renewed interest in the crypto market, ADA’s price will continue its upward trend.
ADA price breaks new all-time high | Source: ADAUSD on TradingView.com
Dip and recovery patterns show strong resistance to the bears. Pull up after every slight dip to take full control of the market from the bulls. With each rise, the price is now breaking previous records, making this a continuous bull run. As the anticipation of Alonzo Purple’s launch grows, interest in the asset will continue to drive Cardano (ADA) price movement.
ADA is currently trading at an all-time high of $ 2.565, up 23% over the past 24 hours. While its market capitalization took third place at $ 82.4 billion. The trading volume has increased by over 100% to $ 10.8 million.
Featured image from Coingape, chart from TradingView.com