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.
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.
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.
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.
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.”