To the delight of Cardano enthusiasts, the cryptocurrency has seen another price increase. ADA has crossed the $2.8 price mark and is currently trading at $2.91 (at the time of writing).
This is monumental news not just for people invested in Cardano but also for those who have been intrigued by the digital currency.
Despite quite some ups and downs in its price, Cardano is now the third-largest crypto asset, following Bitcoin and Ethereum. Let’s find out the influencing factors that have given a boost to its price.
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What Has Made Cardano so Prominent?
Cardano has been one of the most well-known digital currencies in the market. However, a very significant factor that has certainly attracted more spotlight for ADA is the Alonzo rollout.
Some critics have expressed their concerns and doubts on whether Cardano can pull off the smart contracts or not. Charles Hoskinson, the creator of Cardano, also addressed the state of disbelief he saw on social media regarding ADA.
“There’s a lot of irrational exuberance and irrational hate that’s flowing through. There’s a state of disbelief in certain circles of the cryptocurrency space.”
In response to the doubts and disbelief surrounding Cardano, Hoskinson stated that the Alonzo rollout is a done deal and is set to release on September 12th. He continued by saying that there is still a lot of work to be done but progress is being made and everything looks great at the moment.
The current price surge seen by ADA can be considered as an example of the difference Alonzo upgrade can make for the Cardano blockchain once it is completely released.
Despite Hoskinson’s statement about smart contracts being a done deal, some critics are still not convinced. However, Hoskinson reportedly remains unbothered and is continuing slowly and steadily to create a complex global network.
What Should Potential Investors and Traders Know?
Cardano’s Alonzo Upgrade is expected by many to be a complete game-changer for the blockchain. It has already boosted the price of the digital asset and also caused it to rise in the ranks in the market.
Here is a graph by CoinGecko that shows the price of Cardano over the last month.
Once the Alonzo Upgrade is released, the Cardano blockchain is speculated to elevate to new heights. This digital currency has piqued the interest of numerous major and minor investors and traders around the world.
It is also anticipated that ADA might rise higher in the crypto market ranks, thanks to the Alonzo rollout. However, this is yet to be seen in real life.
Therefore, make sure you opt for some of the best crypto exchanges to buy Cardano if you have been thinking to invest in it.
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