Cardano (ADA) continues its unstoppable pace and has reached a new all-time high of $ 2.64.
The data showed that altcoin, the third most valuable cryptocurrency by market capitalization surpassed the $ 2.60 mark in the early morning of August 22.
Cardano had made another attempt at the $ 2.60 threshold on August 20. However, it fell short of $ 2.58 overnight on August 21, dropping again to $ 2.40.
Afterward, ADA made another steady climb, breaking its previous records and settling at $ 2.64. At press time, the price stands at $ 2.61, according to CoinGecko.
This milestone is the reward for a somewhat turbulent week for ADA. It started last Sunday at $ 2.19, but by Wednesday (August 18), the token’s price had plummeted to $ 1.92.
It was from here that ADA shot up again and made moves to the all-time high. This month, it also outperformed both Tether (USDT) and Binance Coin (BNB) in market capitalization rankings.
The achievement has sparked euphoria in the Cardano community, according to a tweet of the Santiment on-chain analysis and metrics platform:
“Mentions of both the #Cardano hashtag and the $ ADA cashtag have completely exploded with the new #AllTimeHigh of the #crypto asset. The crowd and their euphoric behavior at this level will have a big influence on whether prices continue toward $ 3.00 or more. “
Smart contracts are coming
One of the other key factors allegedly contributing to ADA’s recent price increases is the upcoming launch of smart contracts.
Earlier in the month, reports indicated that the token’s value soared 20%, from $ 1.54 to $ 1.88 at the time the ADA founder, Charles Hoskinson announced the upcoming debut of a smart contract feature.
Input Output Hong Kong (IOHK), the driving force behind ADA, publishes regular updates on the project, in which Alonzo smart contracts are often discussed.
In its most recent installment, dated August 13, IOHK Head of Delivery Nigel Hemsley revealed potential smart contract launch date:
“We can have a full smart contract launch ready […] for the Alonzo hard fork […] we are aiming for Monday, September 12 ”.
Hemsley also said that a hard fork from the testnet for September 1. The launch of the mainnet will follow more than a week of testing.
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