ADA jumps to 3rd place
Cardano’s ADA coin is experiencing a rapid rise. (Image: Chinnapong / Shutterstock)
On Friday, Cardano developer IOHK kept its word and announced the definitive date for the Alonzo upgrade. Smart contracts are coming on September 12th. The ADA rate increases significantly.
On the occasion of the “Mid Month Development Update” transmitted via Youtube, Nigel Hemsley, Product Manager at Cardano developer IOHK, confirmed that Cardano’s Alonzo upgrade was scheduled for September 12th.
Cardano co-founder Charles Hoskinson first announced the Friday date on the 4th and then confirmed it again in a video message on August 10th. A certain skepticism remained, however. After all, Cardano has a certain history of the postponed appointments.
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Cardano’s Alonzo hard fork with a specific date
So now there is clarity regarding the introduction of the most important technical innovation of the Cardano chain. From September 12th, Defi will have another option. Since Cardano is already based on the more advanced proof-of-stake consensus mechanism, the protocol could quickly establish itself. Cardano also plays into the charge situation.
Investors seem to have recognized all of this. Because the ADA rate continues to rise rapidly. On Saturday, ADA hit a high of $ 2.25. This means that ADA has had a steady and accelerating rise since around July 20.
ADA improves to 3rd place in the crypto ranking
In the meantime, ADA has worked its way up to 3rd place in the top coins after Bitcoin and Ether. ADA was able to post a price gain of around six percent from Friday to Saturday. The 7-day increase is an unbelievable 51 percent. The daily high of $ 2.25 is just 17 cents below the all-time high of $ 2.42 hit on May 16.
Various market observers had issued a price target of between four and five euros by the end of the year for the ADA after the introduction of the smart contracts functionality. After the most recent rally, that actually appears to be possible. Of course, it will ultimately depend on how well the implementation of the feature has actually succeeded and will be accepted.
