After the announcement of the imminent Alonzo upgrade, which will bring smart contracts to the Cardano chain, the price of the ADA rises rapidly and puts all other top 5 coins in the shade.
The ADA rate has not only passed all other top coins since Wednesday. On August 4th, Cardano boss Charles Hoskinson had specified the schedule for the upcoming Alonzo upgrade. After that, the long-awaited smart contracts functionality will be integrated by the hard fork combinator at the end of August. The announcement initially only had a moderate effect on the ADA course.
When Hoskinson confirmed on Tuesday that the update was really close to after the first more extensive tests of the current week, the price of the ADA began a strong upward movement. On Wednesday alone, the coin rose by around 15 percent. The ADA was able to gain around 35 percent within seven days. This means that ADA is growing much faster than Bitcoin and Ethereum, which only grew by 20 percent in seven days.
ADA hits high of $ 1.89, analysts optimistic
With this, ADA reaches the value of 1.89 dollars for the first time since the beginning of June after a considerable dry spell. At the all-time high of $ 2.46 there is still a noticeable difference of around 25 percent. If we consider that the ADA comes from a 52-week low of just seven cents, it becomes clear what potential the coin was able to develop in a very short time.
Various analysts see a price target of between four and five dollars by the end of the year as realistic. That will of course depend on whether the Alonzo upgrade is successful and whether the smart contracts platform can actually quickly establish itself as an alternative to Ethereum. If Cardano succeeds in stealing a significant share from Ethereum in the defi segment, completely different price targets are also conceivable.
Even the very skeptical Peter Brandt, who had predicted a price drop to 12 cents last week, now sees a predominance of the bullish signals. It remains exciting at the front of the Defi-Chains.
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