Cardano (ADA), the fourth-largest cryptocurrency by market cap is riding high post smart contract integration date announcement by Charles Hoskinson. Cardano network has been going through a series of updates, out of which Alonzo is believed to be the most critical one. It will introduce smart contract functionality on the platfrom.
The Alonzo Purple testenet launched last week while the final integration date of the platform has been set for September 12. The altcoin price broke past the key resistance of $2.00 in the wake of Alonzo Purple’s launch while it jumped to a new 3-month high of $2.25 and just 9% below its ATH of $2.46.
Solana (SOL), the tenth-largest cryptocurrency by market cap became the first altcoin to hit a new ATH after May. It surged by over 38% to record a new ATH of $65.68 after a weekly gain of 65%. The altcoin also registered a significant spike in network activity and adoption.
Can Cardano (ADA) Reach New ATH Again?
Cardano (ADA) could potentially become the second altcoin after Solana to reach the new ATH if it manages to continue its current bullish momentum. The smart contract functionality would make Cardano compete against the likes of Ethereum (ETH) and Polkadot (DOT). The current altcoin bullish momentum is being led by the “Ethereum-Killers” such as Solana and Cardano.
Cardano creator Hoskinson has claimed that the new upgrade could open a slew of opportunities for traders and developers alike, making it a hub for development work and possibilities.
The price of ADA started to rise as the Alonzo hard fork testenets started to successfully implement the key decentralization changes. The price rise also helped it to momentarily acquire the third spot on the crypto rankings by market cap behind Bitcoin and Etehreum. The market cap of the altcoins is currently at $69 billion as the overall market cap breached $2 trillion for the first time in three months.
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