New all-time high makes other coins look old
Cardano is approaching the start time of its long-awaited Alonzo upgrade, which will primarily bring smart contracts to the blockchain. Since the date was announced, the ADA has only known one direction – upwards.
Since September 12, 2021, when the Alonzo upgrade was announced, the price of the Cardano token ADA has risen rapidly in some cases. In the meantime, ADA has worked its way up to rank 3 of the top coins after Bitcoin and Ether.
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ADA reaches new all-time high
With a market capitalization of around 81 billion US dollars, Cardano is still far behind Ethereum in second place with around 385 billion. However, ADA is increasingly distancing itself from the competition. The lead over the Binance Coin is around six billion dollars.
More important and to be rated higher, however, is the fact that ADA was able to reach a new all-time high as the first coin in the top 5 and the second coin in the top 10 after Solana’s SOL token. After the previous all-time high was $ 2.42 and was reached on May 16, 2021, it is according to data from the ADA Coinmarketcap succeeded on Friday to set a new high at 2.58 dollars and thus to achieve a 24-hour plus of around 20 percent.
Quite a few analysts predict further increases. Price targets between four and ten dollars have already been issued for the end of the year. In any case, the trading volume is increasing dramatically – by over 100 percent since yesterday – and increased activity is always a good sign. In the 30-day trend, the ADA rate is even up by over 130 percent.
High expectations of Alonzo drive course
The rise of the ADA coin is clearly influenced by the high expectations that investors have of the Alonzo upgrade. In the long term, Cardano enthusiasts hope for the so-called “flippening”, in which Cardano could replace Ethereum as the largest smart contract platform. That would bring a new market leader to the increasingly important Decentralized Finance.
The hopes are not unfounded, because Cardano is already significantly more powerful than Ethereum and it has relied on the proof-of-stake consensus mechanism, which is considered to be more progressive, especially since its launch. It will only be introduced at Ethereum with version 2.0.
Instead of the 15 transactions per second that Ethereum manages, Cardano can process 257. The second-layer solution Hydra, which is currently under development, is even expected to increase this value to up to one million transactions per second (TPS). With Ethereum 2.0, even with Layer 1 solutions such as sharding, it should be a maximum of 100,000 TPS. From mid-September we will see how the modernized Cardano chain will be accepted.
Also other coins in forward gear
Most of the other coins are also in an upward trend. Total market capitalization is up around seven percent on a daily basis and is now just under $ 2.1 trillion. Bitcoin has risen by over four percent and has cracked the $ 48,000 mark, and ether has also made its way back to its peak at around $ 3,300.
Even the fun currency Dogecoin is in a good mood with a 24-hour plus of around 22 percent. The new developments around the Dogecoin Foundation are likely to have positive effects here
