Cardano’s growth outperforms other top 5 coins. (Graphic: Shutterstock)
The ADA rate has not only passed all other top coins since Wednesday. On August 4th, Cardano boss Charles Hoskinson had specified the schedule for the upcoming Alonzo upgrade. After that, the long-awaited smart contracts functionality will be integrated by the hard fork combinator at the end of August. The announcement initially only had a moderate effect on the ADA rate.
When Hoskinson confirmed on Tuesday that the update was really close to after the first extensive tests of the current week, the course of the ADA fell into place e strong upward movement. On Wednesday alone, the coin rose by around 15 percent. The ADA was able to gain around 35 percent within seven days. This means that ADA is growing significantly faster than Bitcoin and Ethereum, which only managed to gain 20 percent in seven days.
ADA reaches maximum value of $ 1.89, analysts optimistic
With this, ADA reaches the value of 1.89 dollars for the first time since the beginning of June after a considerable lean period. At the all-time high of $ 2.46 there is still a noticeable difference of around 25 percent. If we consider that the ADA comes from a 52-week low of just seven cents, it becomes clear what potential the coin was able to develop within a very short time.
Various analysts see a price target between four and five dollars by the end of the year as realistic. That will of course depend on whether the Alonzo upgrade is successful and whether the smart contracts platform can actually quickly establish itself as an alternative to Ethereum. If Cardano succeeds in stealing a significant share of Ethereum in the defi segment, completely different price targets are also conceivable.
Even the very skeptical Peter Brandt, who had predicted a price drop to 12 cents last week, now sees a predominance of the bullish signals. It remains exciting at the front of the Defi-Chains.
