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Highlights
- Cardano’s recent surge has mainly been post the announcement of the Alonzo upgrade.
- On Tuesday, at the time of writing (BST 2:30 pm), CoinMarketCap was up by 1.12%.
- Besides the Alonzo Hard Fork, Cardano from Wednesday (August 25) will be listed on Japan’s exchange.
The third-largest cryptocurrency Cardano (ADA), has enjoyed a good bull run of late. After reaching a new all-time high on Monday, by reaching US $2.97, Cardano continued to hold a strong at US $2.85 on Tuesday. On Tuesday, at the time of writing (BST 2:30 pm), CoinMarketCap was up by 1.12%. ADA as per CoinMarketCap was trading at a volume of US $8,25,17,57,645 with a live market cap of US $91,99,03,62,559. Cardano has done well in the week, registering gains of 37.39%.
The cryptocurrency market has been in a golden phase for the past two weeks, with major cryptocurrencies doing well. Monday’s rally saw the total market capital surging past US $2 trillion, led primarily by Bitcoin and Ethereum. Altcoins, too had their fair share of say as coins such as Solana surged as much as 5.56% on Tuesday.
Cardano’s recent surge has mainly been post the announcement of the Alonzo upgrade. The Alonzo hard fork would be an essential update to see the smart contract feature come onto the platform. Post the Alonzo update, the users will be able to create their smart contracts through the blockchain, which will pave the way for various decentralised applications (dApps).
Besides the Alonzo Hard Fork, Cardano from Wednesday (August 25) will be listed on Japan’s exchange after requisite authorisation, and it is expected that it will give Cardano further impetus.
Holding strong
Crypto experts, this rally will be here to stay. The market participants believe that the coin has lots of potentials and expect healthy profits from the investors. Experts believe the with the proof-of-stake network, we could see people migrate to the Cardano network from Ethereum. Experts are predicting a bullish rally and expect to $3 mark soon, assuming the current rally continues. Cardano is also popular as one of the green coins amongst crypto enthusiasts as it is considered efficient in energy consumption.
How high can Cardano go?
Experts believe that if Cardano’s current rally continues, it could soon hit the US $5-US $10 mark by 2023. With the strong Cardano community pitching of further growth, one can expect the Cardano could touch US $5 by 2023. Crypto analyst Tai Zen too agrees and believes that Cardano’s move from US $5 to US $10 will take even less time.
