ADA jumps 22% in 24 hours as investors eye Cardano’s Alonzo hard fork

3 min read | August 11, 2021 01:45 AM PDT | By Abhijeet

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ADA jumps 22% in 24 hours as investors eye Cardano’s Alonzo hard fork — Image source: Wit Olszewski, Shutterstock.com

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Summary

ADA has amassed a massive gain of 22% in the last 24 hours

Cardano blockchain is underway to receive a slew of upgrades by the end of 2021

Alonzo hard fork is likely to happen in the middle of August

Co-founder Charles Hoskinson is likely to reveal the date of upgrades soon

Cryptocurrency market has once again entered the limelight following a series of events happening with different crypto-assets including the world’s most popular digital currency bitcoin and a bunch of other assets. Bitcoin has advanced as much as 60% in a matter of just 20 days and is now looking forward to reclaiming the previous highs touched in the present calendar year.

There are only a handful of cryptocurrencies out of the mammoth pool of crypto-assets that dominate the market. Cardano’s ADA, the fifth-largest cryptocurrency by market capitalisation, has been in the news as ADA has amassed a massive gain of 22% in the last 24 hours.

Also Read | 3 best Blockchain ETFs on the FTSE

According to the latest data available with Binance, ADA striked a 24-hour high of $1.7980, rising as much as 22.28% from the 24-hour low of $1.4717 apiece. The indicative market price of ADA coin has been largely rising since 20 July 2021, the day when bitcoin prices broke out of the usual trading range.

ADA coin, being operated on the Cardano blockchain, is likely to see more price appreciation in upcoming sessions according to various crypto experts analysing the digital coin as the Cardano blockchain is underway to receive a slew of upgrades by the end of this year, with some of them arriving in the month of August.

New functionalities will be added to the Cardano blockchain including the smart contracts, native tokens, and a series of other upgrades.

Cardano’s co-founder Charles Hoskinson on Wednesday, 11 August, said that he is expecting to reveal the date on which the Cardano blockchain ecosystem is likely to receive upgrades. Through a Periscope broadcast, he told the users that the team will be able to announce the date of Alonzo hard fork subsequent to which all the interested investors will be able to run smart contracts on Cardano.

Also Read | Can ether prices rise on the back of Ethereum’s London upgrade?

Following the development, huge trading volumes have been observed in the Cardano ADA with more than 470 million units exchanging hands on Binance itself. Likewise Ethereum, Cardano blockchain is underway to streamline the operations and trading experience with multiple upgrades to the network as it boasts as one of the biggest to utilise the proof-of-stake (PoS) algorithm.
Earlier, Hoskinson revealed that the date for Alonzo hard fork will be announced in mid-August. With the prospective upgrades to the Cardano blockchain network, it will be equipped to add decentralised finance (DeFi) and decentralised applications (dApps) functionality.

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