The price of ADA, i.e., Cardano’s blockchain cryptocurrency, has just recorded its new all-time high (ATH).
The all-time high of Cardano (ADA)
In fact, the price of ADA is up 18% in the last 24 hours and almost 40% in the previous week. Indeed, extending the comparison to past weeks, the gain has been 80% over the previous two and as much as 137% in the last 30 days.
Right now, the price is around $2.5, while on July 20, for example, it was only slightly above $1.
In other words, in one month, it has multiplied its value by two and a half times.
It should be noted that the previous peak, which took place on May 17, had not managed to break through the resistance of $2.2, a resistance that also on August 15 had rejected a new attack. Today instead, this resistance has given way, so much so that some are beginning to speculate that the price of ADA could even reach $3.
The fact is that finally, it has been announced the date from which it will be possible to upload smart contracts on the mainnet of Cardano, which could make it a viable alternative to Ethereum since it is decentralized, but with very fast time for transactions and significantly much lower fees.
Cardano vs. Binance Coin
Right now, ADA has even surpassed Binance Coin (BNB) in market capitalization, ranking third behind the unreachable BTC and ETH.
In fact, Bitcoin alone capitalizes 42% of the entire cryptocurrency market capitalization, with over $880 billion, followed by Ethereum with 18% thanks to its $377 billion. Cardano is now at $80 billion, while Binance Coin is stuck at $66 billion.
Another exciting thing about ADA’s recent boom is that in May, it had taken only three weeks to go from $1 to $2.2, while this time, it took a month, albeit reaching a higher level. Moreover, while there was a real speculative bubble on altcoins in May, there seems to be no such bubble at this moment.
The Alonzo Update
Investors are waiting for September 12, the release date of the “Alonzo” update, which will introduce the possibility to upload smart contracts on the Cardano network.
However, it is unclear how many smart contracts will be uploaded and what they will do, so it is not even predictable what success they might achieve.
Typically in these cases, investors follow the unwritten rule of “buy the rumors, sell the news,” i.e., out of metaphor, buy before the target event happens, and then maybe sell close to or at the same time.
September 12 is more than three weeks away, so in theory, the price of ADA could still have time to rise; moreover, after the resistance break-down at 2.2$, the next resistance could be the psychological threshold of 3$.
