Cardano continues to rise and hits a new record price

Cardano (ADA) reached a new historic high of US$ 2.64 this Sunday (22).

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The data show that Cardano surpassed the US$ 2.60 mark in the early hours of this Sunday. The third-largest cryptocurrency by market value had made another attempt to break the $2.60 barrier on Friday (20). However, it dropped below $2.58 and the next day dropped to $2.40. The ADA then made another bullish move, breaking its previous records and settling at $2.64. At the close of this article, the asset’s price was fluctuating slightly below $2.61.

The new milestone symbolizes a week where the ADA had big swings in its price. On August 15, the asset was traded at US$ 2.19, falling to US$ 1.92 last Wednesday (18th). It was from this day that the token went off again, managing to reach new record prices. As a result, the currency surpassed Tether (USDT) and Binance Coin (BNB) in the ranking of cryptocurrencies with the highest market capitalization.

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The achievement generated euphoria in the asset community, according to Santiment’s on-chain metrics and analytics. The company tweeted this Sunday:

Mentions of the hashtag #Cardano and the cashtag $ADA exploded with the new #AllTimeHigh [máxima histórica] of asset #crypto. The crowd and their euphoric behavior at this level will have a big influence on whether prices continue towards $3.00 and beyond.”

Smart contracts closer and closer

One of the key factors that allegedly contributed to the ADA’s recent price increases is the launch of smart contracts on its blockchain. Earlier this month, reports indicated that the token’s value had shot up 20%, from $1.54 to $1.88 by the time Cardano founder Charles Hoskinson announced the debut of this feature on the asset network. .

Input Output Hong Kong (IOHK), the company behind the ADA, releases regular video updates where Alonzo hard fork smart contracts are often discussed. In its most recent issue, dated Aug. 13, IOHK Delivery Head Nigel Hemsley revealed the potential release date for this feature.

“We can have a smart contract release ready for people to use our smart contract toolbox for the Alonzo hard fork […] we plan to release it on Monday, September 12th.”

Hemsley also said that the hard fork of the test network was planned for September 1st. The mainnet launch will follow more than a week of testing.

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