Cardano price eyes $3 ! Why is everyone talking about Cardano (ADA) ?

Cardano (ADA)

At the current price of $2.82, Cardano’s market capitalisation stands $90.60 billion, according to CoinMarketCap.

Its price has gone up by nearly 11.3 percent in the last 24 hours.
From being a lesser-known cryptocurrency, Cardano (ADA) has raced to become third-largest after its price surged touched an all-time high surpassing Binance’s native token, as per market valuation.

At the current price of $2.82, Cardano’s market capitalisation stands $90.60 billion, according to CoinMarketCap. Its price has gone up by nearly 11.3 percent in the last 24 hours. Its year to date is also much higher than Bitcoin and Ethereum as it is currently at 1,444 percent.

The cryptocurrency market has been rallying in the last two weeks with the total market capital surging past $2 trillion.

Bitcoin and Ethereum have been leading after they plummeted in mid May. Meanwhile, new altcoins have also rallied in the price race.

Cardano is a proof of stake blockchain and is considered a direct rival of Ethereum and Solana.

Its recent price surge came after the upcoming ‘Alonzo’ upgrade was recently announced.

The update which will be launched in September is expected to introduce smart contracts to the blockchain. “It’s an important moment, marking significant progress in the rollout of #smartcontracts on the #Cardano mainnet which is targeted for the end of August/early September,” the development team said in a Twitter post adding that it has begun test net as well.

Cardano price eyes $3, but ADA chart fractal hints at a potential 40% correction

The ADA/USD exchange rate has moved further into its “overbought” area, suggesting that a trend correction might follow suit.

Cardano blockchain’s native asset, ADA, reached a new record high on Monday as investors pinned hopes on an upcoming smart contracts feature that expects to boost the cryptocurrency’s adoption.

The ADA/USD exchange rate topped out at $2.899 around 9:00 am UTC, raising anticipations that it would easily close above $3 in the coming sessions.

Many analysts, including pseudonymous chartist PostyXBT, noted that the Cardano token had entered a “price discovery mode.” Meanwhile, David Gokhshtein hinted that ADA/USD might continue its bull run until Sep. 12, the day Cardano is going to integrate a smart contracts feature to its blockchain via the “Alonzo” upgrade.

$ADA is just a monster right now.

I’m trying to figure out it’s price before 9/12/2021.
— David Gokhshtein (@davidgokhshtein) August 23, 2021

In detail, the Alonzo upgrade introduces a native smart contracts development language called Plutus to the Cardano ecosystem. Plutus is already available for testing and brings functional programming to smart contract creation to everyday users.

As a result, ADA bulls anticipate the token’s adoption to boom in the sessions ahead as Cardano attracts decentralized application developers — operating in the emerging decentralized finance and nonfungible token sectors — to its smart contracts ecosystem.

Cardano [ADA] explodes 13% to new ATH; the staggering climb isn’t over yet

Cardano [ADA] is up by a whopping 190% since the July low. As a result of its huge gains, ADA has surpassed several top coins to emerge as the third-largest crypto-asset by market cap. It has breached pivotal resistance points to establish a new peak on the 23rd of August as volatility took a massive leap.

ADA slumped last week as selling pressure intensified after the asset’s jump hit $2 the first time after May’s correction. However, it mounted higher in the next few days which depicted a price structure that has the possibility to target higher points in the near future.

Over the past 24-hours, Cardano [ADA] rallied by 12.80% which drove its price to $2.80. At the time of writing, the digital asset recorded a market cap of $91.16 billion and a 24-hour trading volume of $7.97 billion.

Cardano Alonzo Hard Fork: What You Need to Know

Cardano’s Alonzo update brings the network much closer to its full capabilities.

The Alonzo hard fork is a major upgrade on the Cardano network that sees the much-anticipated implementation of smart contract functionality. Smart contracts are pieces of computer code that automatically execute when certain predefined conditions are met. After the Alonzo update, anyone will be able to create and deploy their own smart contracts on the Cardano blockchain, paving the way for native decentralized applications (dapps).

The system update, which is expected to roll out fully sometime in the third quarter, signifies the end of the Shelley era of Cardano and the beginning of the Goguen phase. Although there is no set date for the end of the Alonzo hard fork, developers all across the network have been working hard on testnets and have stuck to a defined road map with specific milestones in the form of “eras.”

The eras of Cardano

Cardano’s development road map is divided into six main stages, or “eras,” each focused on expanding the functionality of the network.

Byron – Sets up the foundation code of Cardano. Allows users to exchange the ADA currency, named after revolutionary programmer Ada Lovelace, and mine ADA with their proof-of-stake consensus algorithm
Shelley – Focuses on decentralizing the network by setting up incentives for users to host their own nodes. The main goal of this era is to make sure the nodes, or individual computers, are run by a diverse group of network participants rather than a small, centralized group of users
Goguen – Introduces smart contract capabilities to the network allowing developers to create decentralized applications on top of Cardano
Basho – Improves the underlying performance of the Cardano network to be able to process more transactions and scale up. This era also introduces side chains, which is a means of scaling a network using multiple blockchains
Voltaire – Adds a voting and treasury system for self-sustaining governance. Users will be able to stake their funds to influence future development on the network

Cardano (blockchain platform)

Cardano is a public blockchain platform.

It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada.

Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson.

The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.

After a sustained rally in July/August 2021, Ada become the third-largest cryptocurrency by market cap (following Bitcoin and Ethereum, respectively).

It is also the largest cryptocurrency to use a proof-of-stake blockchain, which is seen as a greener alternative to proof-of-work protocols.