Cardano Reacts to Smart Contracts Arriving Next Month

  • The betting contract, which pays out $1 of the stablecoin USDC if Cardano meets the deadline, was trading at 85 cents at press time. This is up from 30 cents when the market initially opened on July 18
  • Cardano surged above $2 for the first time in almost three months after the blockchain’s lead developer revealed a September release date for the planned Alonzo update
  • The ADA price hit $2.08 at 9:05 UTC on Friday, the highest since mid-May when it hit an all-time high of $2.31. It has increased by 16 percent in the last 24 hours

Cardano surged above $2 for the first time in almost three months after the blockchain’s lead developer revealed a September release date for the planned Alonzo update, which would provide smart-contract capabilities and fix one of the network’s most apparent flaws, according to detractors. Cardano’s smart-contract feature would let it integrate new applications, such as decentralized finance (DeFi) systems that automate bitcoin lending and trading. The enhancement may help the network challenge Ethereum, which is now the top among blockchains that support smart contracts.

The ADA price hit $2.08 at 9:05 UTC on Friday, the highest since mid-May when it hit an all-time high of $2.31. It has increased by 16 percent in the last 24 hours. Cardano’s market capitalization has risen to over $65 billion, putting it in a tie with Binance Coin (BNB) and tether (USDT) for third place among all cryptocurrencies by market capitalization, after Bitcoin (BTC) and ether (ETH) (ETH). In a video published by developer Input Output on Friday, Nigel Hemsley, Cardano’s head of delivery, stated that the platform will issue the Alonzo upgrade on Monday, Sept. 12, despite the fact that the date falls on a Sunday this year. The developer later stated that the platform would be upgraded on September 12th only.

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Cardano is a blockchain created by Ethereum co-founder Charles Hoskinson that attempts to compete with Ethereum and other decentralized application platforms by claiming to be more scalable, secure, and efficient. Yuri Mazur, head of data analytics at crypto trading platform CEX.IO broker, stated via email, “Any rise in the price of cryptocurrencies is either directly triggered by favorable news pushing up sentiments among purchasers or a growth in line with the broader market trend.” Cardano’s long-awaited Alonzo update is another cause for investors to buy the coin. In a prediction market launched in July, users may wager on whether Cardano will be able to deploy smart contract capabilities by Oct. 1. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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