Saturday, January 22, 2022

ADA Sets New All-Time High, As Cardano Community Awaits Smart Contracts Launch

Cardano (ADA), the third-largest cryptocurrency by market capitalization, has just recorded a new price all-time high of $2.54, breaking above its previous all-time high of $2.46 recorded back in May 2021.

The cryptocurrency set the new all-time high after a relatively 20% rise in price in the last 24 hours, according to CoinGecko.

Read Also: Gemini: Ethereum (ETH), Cardano (ADA) Top the List of Investments of Choice in Singapore

ADA Hits New All-Time High, As Cardano Community Awaits Smart Contracts Launch
Courtesy of CoinGecko

Before Cardano (ADA) attained this height, a number of crypto analysts, traders, and pundits have been positive about its trend.

The Reason for the Magnificent Price Surge

The price of Cardano (ADA) has been massively rising since it was announced by Input Output Global (IOG), the software firm behind the development of Cardano, that smart contracts functionality will officially go live on the blockchain by early September 2021.

Read Also: What Charles Hoskinson Said about the Possibility of Hacking Smart Contracts on Cardano Network

Even before the announcement was made on 13th August, the price of Cardano (ADA) has been outperforming other top cryptocurrencies in the market, including the two largest digital currencies, Bitcoin (BTC) and Ethereum (ETH).

IOG Scheduled 12th September for the Launch of Alonzo

On 13th August 2021, Tim Harrison, the marketing and communications director at IOG, announced that 12th September has been estimated for the mainnet launch of Alonzo, a highly-anticipated upgrade that will bring smart contracts functionality to Cardano blockchain.

Read Also: CryptoCapitalVenture Founder: Cardano (ADA) Will Outperform Top 10 Cryptos over the Next 6 Months

According to Cardano’s head of delivery, Nigel Hemsley, engineering and test teams have started putting their efforts together to make the hard fork combinator event a success.

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Nigel Hemsley noted:

“As we come up toward this hard fork, we will deliver the Plutus capability, a full toolbox of smart contract capability, and then we’ll start it right from there. It gives us the foundation to build on Cardano…We’ll have more and more dApps and other innovations coming out shortly afterwards.”


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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