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Highlights
- Cryptocurrency Cardano’s (ADA) prices soared on Friday, August 13, and crossed the US$ 2-mark for the first time since May 2021.
- Cardano could be gaining investor attention after founder Charles Hoskinson announced that smart contracts will be rolled out soon.
- ADA had clocked an all-time high of US$ 2.45 apiece on May 16, 2021.
All eyes were on cryptocurrency Cardano’s (ADA) token as it returned to the US$ 2-mark on Friday, August 13. This was for the first time since May 2021 that ADA token had jumped 15 per cent to trade at US$ 2.04 per token at 9:30AM EST.
The bearish sentiment for Cardano remained absent this week as the token price made weekly gains of 47.1 per cent, according to the data from CoinGecko.
Launched in 2017, the cryptocurrency has reached the third spot behind Bitcoin and Ether in terms of market capitalization. Notably, the latest surge in its price has enabled ADA to beat crypto coin Tether to gain this spot.
Since clocking an all-time low of $0.01925275 on March 13, 2020, ADA token has grown by 10544.4 per cent.
In the past two weeks, ADA’s price has surged by 58.3 per cent, pushing its market cap to US$ 65.5 billion.
Why is ADA gaining momentum?
Cardano could be gaining investor attention in the wake of founder Charles Hoskinson announcing that smart contracts will soon be rolled out on its main network via the Alonzo upgrade.
Smart contracts are important for Cardano as they would enable the public blockchain platform to give tough competition to Ethereum, which presently supports several apps based on the concept of decentralized finance (Defi).
Also Read: What is Chia crypto? What is XCH’s price prediction?
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To explain smart contracts in simple terms, they can be classified as simple programs stored on a blockchain network. These programs work after some predetermined conditions are met to automate the execution of an agreement and avoid time loss.
Also Read: Hut 8 (HUT) & Mogo (MOGO): 2 TSX crypto stocks to buy in 2021
What is ADA token's price prediction?
ADA is expected to see its token price go further up this year. On May 16, the cryptocurrency had clocked an all-time high of US$ 2.45 apiece, a mark that could breach in the next one month.
When it comes to crypto trading, smart contracts hold importance among crypto enthusiasts. As Cardano is all set to roll out this technology, there are chances that ADA’s token price will touch the US$ 5-mark by the end of this year.
Bottomline
Making any type of investment is a risky business, whether it is trading in a stock market or buying cryptocurrencies.
There is no guaranteed way to multiply money through investing, so it is important to study well and research before investing in any particular cryptocurrency or a stock.
