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Cardano price soars to over $ 2

The Cardano price has risen above the $ 2 mark. Cardano is now the third largest cryptocurrency (measured by market capitalization) shortly before the smart contract launch.

Cardano’s market capitalization now exceeds that of Tether. Cardano is now the third largest market capitalization cryptocurrency. The Cardano price is now over $ 2 and market cap is at $ 63.88 billion. In the past 24 hours the price has increased by 12%. Bitcoin is currently the largest cryptocurrency (market capitalization: approx. 871 billion US dollars). Ethereum ranks second with a market capitalization of approximately $ 377 billion. Tether (with approx. 63 billion US dollars) and the Binance Coin (BNB) (approx. 61 billion US dollars) occupy fourth and fifth place.

The rush on ADA is attributed to the upcoming introduction of Cardano’s smart contract function. After Cardano founder Charles Hoskinson announced the impending introduction of a smart contract feature, the ADA price rose 20% from $ 1.54 to $ 1.88 on Aug. 11. The price hit a two-month high at this point. The increase to over $ 2 represents an increase of about 100% compared to July 20, 2021, when the price had dropped to about $ 1.

A picture from BeInCrypto

Cardano introduces smart contracts

In a video posted on IOHK’s YouTube channel, Cardano’s director of marketing and communications, Tim Harrison, spoke to Nigel Hemsley, the team’s head of delivery, about the launch of the Alonzo smart contracts upgrade. When asked about the exact launch date, Hemsley said that “we can have a full smart contracts realse so people can use our full smart contract toolbox for the Alonzo hard fork, and that’s the date we’re targeting for Monday, September 12, 2021 ”. Hemsley added that a hard fork of the test network will take place on September 1, 2021, with the main network being released after a week and a half of testing.

At the end of the video, Harrison mentioned two more dates to remember. The Cardano Summit will take place on September 25 and 26, 2021. This is a virtual and at the same time real event with events in London, Miami, Berlin, Cape Town, Tokyo, New York and Wyoming.

The long-awaited upgrade should help Cardano compete with Ethereum. The upgrade may ensure that ADA will take the place of the second largest cryptocurrency. Namely, Ethereum currently supports the majority of DeFi apps, which include exchanges and credit logs.

A picture from BeInCrypto

Translated by Maximilian M.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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