Cardano: new all-time high for the price of ADA

The price of ADA, or the cryptocurrency of the Cardano blockchain, has just recorded its new all-time high (ATH).

The all-time high of Cardano (ADA)

In fact, the price of ADA has gone up 18% in the past 24 hours, and nearly 40% in the past week. Indeed, extending the comparison to the past weeks, the gain was 80% in the last two and even 137% in the last 30 days.

Right now the price is around $ 2.5, while for example on July 20 it was only a little over $ 1.

In other words, in one month it multiplied its value by two and a half times.

It should be noted that the previous peak, which occurred on May 17, failed to break through the resistance of $ 2.2, a resistance that also repelled a new attack on August 15. Today, however, this resistance has given way, so much so that some are starting to hypothesize that the price of ADA could even reach $ 3. 

The fact is that the date from which it will be possible to load smart contracts on the Cardano mainnet has finally been announced , which could make it a valid alternative to Ethereum , given that it is decentralized, but with very short times for transactions and above all much lower fees.

Cardano vs Binance Coin

Right now ADA has even surpassed Binance Coin (BNB) by market capitalization, ranking third behind the unrivaled BTC and ETH.

In fact, Bitcoin alone capitalizes 42% of the entire crypto market capitalization, with over 880 billion dollars, followed by Ethereum with 18% thanks to its 377 billion. Cardano is now at 80 billion, while Binance Coin is stuck at 66.

Another interesting thing about the recent ADA boom is the fact that it took only three weeks to go from $ 1 to $ 2.2 in May, while this time it took a month, albeit reaching a higher level. Furthermore, while a real speculative bubble on altcoins was in progress in May, at this moment there seems to be no bubble.

The Alonzo update

Investors are waiting for 12 September , which is the date of the release of the “Alonzo” update , which will introduce the possibility of uploading smart contracts on the Cardano network.

However, it is not yet clear how many smart contracts will be uploaded, and what they will do, so it is not even foreseeable what kind of success they could achieve.

In general, in these cases, investors follow the unwritten rule of “buy on rumors, sell on news”, that is, out of the metaphor, buying before the target event occurs, and then perhaps selling close to its advent, or simultaneously.

September 12th is over three weeks away, so in theory the ADA price may still have time to rise , and after the breakout of the $ 2.2 resistance, the next resistance could be the psychological $ 3 threshold.

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