- Cardano has surpassed $2 for the first time in the last three months.
- The price surge came after the Alonzo upgrade September release date.
- Polymarket data shows 85% of participants betting on yes, against 15% against it.
By next month Cardano will add smart contracts, challenging doubters who bet that the functionality will not be released anytime soon. Will this push the ADA price higher?
Moreover, Cardano has surpassed $2 for the first time in the last three months. According to CoinMarketCap, the ADA price is trading at $2.19 with a 24-hour trading volume of $7,917,021,534, at the time of writing.
Most Anticipated Alonzo Upgrade Launch Will Take Place on Sept. 12
The price surge came after the announcement of the Alonzo upgrade September release date by Blockchain’s Chief Developer. In detail, the functionality of the Smart contract will enhance Cardano to enable more applications such as decentralized finance (DeFi) for automated digital asset lending and trading.
Head of delivery for Cardano, Nigel Hemsley explained in a video launched by developer IOHK on Friday that the Cardano’s Alonzo hard fork will launch on ‘Monday, Sept. 12,’. In specific, the calendar shows the date falls on Sunday. Then the developer made a tweet later mentioning that the platform targets Sept. 12’ for the Alonzo upgrade.
Furthermore, Charles Hoskinson who is Co-Founder of Ethereum initiated the blockchain platform, Cardano. The platform aims to compete with Ethereum and also other DApp platforms, however, in a more scalable, secure, and efficient way.
CEX.IO Broker Head of Data Analytics Yuri Mazur said,
“Any growth in the price of cryptocurrencies is either directly caused by positive news driving up sentiments among buyers or a growth in tandem with the overall market trend…Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin.”
Bet on Whether ADA Can Release Smart Contract Functionality by Oct. 1
From July, the optimism has increased in a prediction market enabling participants to bet on whether Cardano can release smart contract functionality by Oct. 1.
At the time of writing, the decentralized prediction marketplace, Polymarket, shows that the bet on Cardano has a total trading volume of $617.4K, with the result seeing 85% of participants betting on yes, against 15% against it.
The upcoming upgrade with the Cardano network might challenge the smart-contract blockchain functionality leader Ethereum for a better position. More so, the recent price spike has pushed Cardano’s market cap to over $70 billion. Currently, ADA holds 3rd position on the CoinMarketCap, next to Bitcoin and Ethereum which holds 1st and 2nd positions respectively. If the bullish trend continues the ADA price can hit $5 soon.