By Shelly Melancon (Switzerland)
Cardano attained a new peak price on Saturday, rising to about $2.30 on binance. Evidence that ADA price remains on an uptrend. ADA broke the $2 barrier to arrive at a new peak price after experiencing a seriously volatile week in the market.
ADA almost attained this peak price last week, but the entire crypto market reacted to Elon musk’s tweet of tesla no longer accepting bitcoin for its car payments because of increasing fossil fuel consumption by bitcoin miners. Hence, there were massive sell-offs in the market and ADA fell to its lowest for the week before rallying again to reach this new ATH.
Having gained about 30% this past week and 16% since yesterday, the cryptocurrency currently fluctuates around the $2 mark. Its market cap currently stands at $68 billion. This cryptocurrency is about to topple the meme-inspired coin (DOGE). Since the start of this year, has given almost 1250% returns or about 13.5x returns year-to-date.
Cardano Chart. Source: TradingView
ADA Not Yet At Its Peak
When Ben Cowen, a well-known crypto expert, polled his audience to know which altcoin out of bnb, doge, and XRP will soon among the $200 billion market cap coins, XRP led by a mile. ADA had 57% of the votes which roughly translates to about 10,000 votes. The bnb came a distant second with 24% of the votes. Another expert forex and crypto trader, peter Brandt has previously predicted that his “ballpark” analysis revealed that ADA will still hit the $2.26 price mark.
Also read:Cardano Keeps Expanding
Cardano has revealed that its Alonzo hard fork will be launched this month. With this pronouncement, Cardano’s roadmap for the Goguen will likely be completed. Once the upgrade is complete, secure smart contracts will start being implemented. The Plutus custom-building infrastructure is the basis for these smart contract capabilities.
In a new development, Cardano’s parent company, input-output has announced a new collaboration with the world mobile group. Thus, the group can use Cardano’s blockchain infrastructure to offer inexpensive network nodes. Also, this partnership will help African citizens use the Cardano blockchain to keep their important copies.
Why the ADA Price Rally?
Despite Elon Musk’s efforts in re-directing the focus of the crypto market this week with his tweets, some altcoins continued on a bullish run. Per coinmarketcap, polygon (MATIC) surged by about 30% from yesterday and over 115% over the past week. Despite reaching a peak of $1.82 a few hours ago, MATIC trades at $1.63 as of this writing. Also, its market cap is now over $10 billion. One possible reason for the quick price rally of both MATIC and ADA to negate the ‘musk effect’ is that both of them use proof-of-stake consensus algorithm to authentic transactions. This contradicts bitcoin’s proof-of-work algorithm which consumes lots of energy. Another reason is that the team has continued to develop strong networks for the past couple of months. While miners need to solve complex mathematical puzzles in proof-of-work algorithms, an owner of the largest number of coins can authenticate transactions in proof-of-stake algorithms.
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