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Cardano (ADA) has shown no signs of slowing down as the asset’s price continues to rally. The aim remains to hit a new all-time high before the year runs out. The previous all-time high for the asset is recorded at $2.45 and a price crashing saw the asset losing more than half of that value in the months following it. Then a bull rally had been triggered again in the market, which had set cryptocurrencies all across the market recording massive gains daily.
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Cardano (ADA) was not left out of this rally. The price had fallen down to the low $1 before the rally began. But as at the time of this writing, the asset had successfully gained back over 100% of its low price back in July. Its price climb has not come as much of a surprise to its community though. Work is currently ongoing on bringing smart contracts capability to the Cardano network. This would help position the project as a rival for the leading smart contracts platform, Ethereum.
Related Reading | Cardano (ADA) Breaks $2 For The First Time Since May, Why New All-Time High Is Imminent
Hitting the $2 had been more of the hurdle for the asset. Proving to be a resistance point in the run-up. But ADA had crossed that hurdle and now the price looks to have found its footing above $2, and now, the ever-moving target that is the price of digital assets has now been set for a new run-up towards $2.5 for the asset. Breaking the previous record all-time and setting a new one.
Smart Contracts Set To Be Released
A possible push to get Cardano (ADA) towards the point bulls are aiming for will be the release of the smart contracts capability. It was announced last Friday that the launch will take place on September 12, a month from the date of the announcement. This might be a short time frame but the project had been underway for a long time.
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The announcement for the date of the mainnet launch pushed the price over $2. Since this provides a definite date for what the community had been waiting for – a way for Cardano to get into the DeFi space. With smart contracts, developers will be able to build decentralized apps (DApps) on the Cardano network to provide decentralized finance (DeFi) services to their users. And the DApp connector released last month will act as a bridge between Cardano users and decentralized applications.
As the date of the launch draws closer, investors are taking interest in the asset. Its relatively cheap price, despite being the third-largest cryptocurrency by market cap, makes it an interesting investment for investors who are looking for big returns.
Road To Cardano (ADA) At $2.5
Price movements in cryptocurrencies have always been tricky. But they work like any other market, maintaining the laws of economics. Higher demand than supply will lead to a higher price. Cardano is poised to witness this in the price when the mainnet launch for smart contracts finally happens.
ADA prices finds a landing point above $2 | Source: ADAUSD on TradingView.com
ADA has a total supply that is capped at 45,000,000,000. Of that number, over 71% is already in circulation. The dwindling supply and rising demand put ADA on a path to another rally.
The price of ADA is currently holding steady above $2 with a price of $2.073. Signals show positive sentiment in the community as investors continue to hold on to their coins in wait for September 12th. With most of the circulating supply of ADA already staked ahead of the launch of the Alonzo Purple means to bring smart contracts capability to the network.
Featured image from CryptoSlate, chart from TradingView.com
