Cardano is counting down to the long awaited Alonzo smart contract upgrade that will allow the development of decentralized applications on the platform.
The high expectation has led to speculation that cardan (ADA) can reach levels never seen before. In the last 24 hours, the ADA has breached the $1.70 price level for the first time since July 8, in a move that already shows signs of a strong rally.
According to David Gokhshtein, CEO of PA Coin and member of the Forbes Financial Council, the ADA will perform exceptionally in the coming weeks as a result of the launch of the smart contract.
“ADA will perform well in the coming weeks. Smart contracts would give Cardano a super boost.”
Why the price of the ADA will increase soon
Dozens of analysts have speculated in the past that by 2021 the price of the ADA could double if launching smart contracts accelerated.
Additionally, in July 2020, Hoskinson promised that Cardano could have thousands of DApps running in its ecosystem by the end of 2021. So far, the IOHK team has been able to deliver several promised updates as outlined in Cardano’s schedule.
DApp developers on Ethereum have migrated in the past to other blockchains, including Binance’s Smart Chain. The entry of Cardano’s smart contract and its promised ability to plug in the ERC-20 token pattern could trigger a wave of migration from Ethereum to Cardano.
In addition, the hype surrounding Cardano and the affordability of the ADA are now likely to attract more investors hoping to close a good deal that could be as high as Ethereum in the future.
Recently the Cardano was listed in Japan, a cryptocurrency getting regulatory approval on a Japanese exhange is an extremely difficult task and that is why only a relatively small number of digital coins have been approved to date (eg Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, Basic Attention Token , Stellar, NEM, Tezos and Polkadot).