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Cardano hits all-time high sooner than expected




It seems to be the hour for Cardano and its native token ADA. The coin has been on the upswing for weeks and regularly inspires its investors. In anticipation of the Alonzo hard fork, Cardano reached another all-time high on Sunday morning, August 22, 2021.

ADA continues to consolidate its place in the top 3 largest cryptocurrencies by market capitalization. Only Ethereum and Bitcoin are currently out of reach.

A look at the performance of the other coins shows that not all of them have such momentum as Cardano.

Cardano’s momentum sets new all-time high

The price of Cardano (ADA) hit another all-time high on the morning of August 22, 2021, rising to $ 2.64. ADA exceeded its previous record by a further 10 cents. Only two days earlier, the native coin of the Cardano Blockchain broke the mark of its previous all-time high of May 2021.

In the past 24 hours, the ADA price has gained five percent. Looking back on last week, the Cardano price grew by a little more than 16 percent. ADA more than doubled its price in the course of the past month. The currently third most valuable crypto currency recorded a remarkable 114 percent price increase.

24 hour chart Cardano
24 hour chart from Cardano Source: CoinGecko

Cardano’s steady price increase began just under two weeks ago, on August 10, 2021. On that day, Charles Hoskinson, founder of Cardano, announced the imminent announcement of the exact date for the integration of smart contracts as part of the Alonzo network upgrade later this year into the platform. Just three days later, the development company behind Cardano, Input Output Hong Kong, announced September 12, 2021 as the date.

ADA was trading at $ 1.48 on August 10th. In anticipation of the announcement, Cardano was already up a bit, reaching a price of 1.81 US dollars on August 13th. Just one day later and with the knowledge of the final implementation of the Alonzo hard fork, the price jumped to 2.14 US dollars.

Since then, Cardano has only known one direction, and it has risen sharply, apart from a brief setback on August 18 below the US $ 2 mark.

Bets were against Cardano and the timely integration of smart contracts

As much as the community was excited about the network upgrade, the opinions were as controversial as to whether the actual integration of smart contracts on the Cardano blockchain will take place in the third quarter of 2021.

A forecast market opened in mid-July, where participants could bet on whether the Cardano blockchain will have integrated smart contract functions by October 1.

The market at the time had a trading volume of over $ 157,000. The shares traded at $ 0.37 for “yes” and $ 0.63 for “no”. Depending on which answer is correct, they can be redeemed for USDC in the form of USDC stablecoins. The trading volume is now just under $ 677,000.

The more expensive the bets, the more likely it is that they will be correct. Therefore, at the time, the market tended to predict that the smart contracts at Cardano will not be live at the beginning of the fourth quarter, on October 1, 2021.

Prediction markets allow people to bet on the outcome of real events. The betting events are very diverse, from elections to sports to the publication of music albums and price predictions of cryptocurrencies.

Proponents of prediction markets tout them as a better way to gauge sentiment among the experts, as money is at stake.

Another interesting event is currently taking place at Polymarket. Participants can bet on whether Amazon in the US will allow payment in Bitcoin by the end of 2021. The current tendency is 9 percent for “yes” and 91 percent for “no”.

Amazon published a job posting at the end of July looking for a manager for digital currencies and blockchain products. The world’s largest online retailer has so far denied the integration of Bitcoin or other cryptocurrencies as a payment option.

Bitcoin and altcoins cannot follow Cardano’s momentum

Other top 10 cryptocurrencies failed to follow Cardano’s upward trend today. Overall, the 10 largest cryptocurrencies by market capitalization have all lost value within the past 24 hours. Bitcoin lost 1.5 percent and Ethereum even 2.9 percent.




Bitcoin approached $ 50,000 yesterday, Saturday, but did not exceed $ 49,700. Overcoming this psychological threshold turned out to be too difficult and BTC fell back to as low as 48,300 US dollars.

Overall, however, the cryptocurrency market has recovered strongly from the crash in spring and the slump in summer. On Friday, the total market capitalization of cryptocurrencies passed the $ 2 trillion mark again.

Top 10 cryptocurrencies on August 22, 2021
Top 10 cryptocurrencies on August 22, 2021 Source: CoinGecko

Conclusion – Cardano is on cloud nine and is climbing to the next all-time high

Cardano has been surfing a very remarkable wave of success for almost two weeks. With the announcement of the integration of the Alonzo Hardfork in the mainnet of the Cardano Blockchain, the native coin, ADA, recorded enormous price growth.

The ADA price has doubled in the last 30 days and rose to two new all-time highs within 48 hours. On August 20, Cardano surpassed the previous all-time high of May 2021 and set another record on Sunday morning of August 22, 2021. At the time of writing, an ADA changes hands for $ 2.56.

This momentum and the imminent integration of smart contracts in the Cardano network also increasingly called institutional investors on the scene. In July, for example, the Digital Large Cap Fund investment firm Grayscale added the asset to its portfolio, giving Cardano a further boost. At the current time, 4.26% of the fund is invested in ADA. 67.47% of the fund is held in Bitcoin and 25.39% in Ethereum.

Mathias has been a crypto enthusiast since 2017. The crypto journey began with airdrops of various projects. Gradually, Mathias delved deeper and deeper into the topic of crypto currencies and the blockchain. He loves to research and write about the various projects. For him, there is no question that the future belongs to BTC, ETH & Co.

ADA


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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