Altcoin season is back and only a handful of them have kept traders and the market interested. One of these digital assets is Cardano. It has strived to improve the network and compete with the largest altcoin, Ethereum.
Cardano’s native token, ADA, established its place among the portfolios of many crypto investors, and in the future, users “will start using ADA to access the wild universe that exists about Cardano,” according to analyst Elliot Wainman.
Alonzo Purple can shake up green yields
The IOHK team announced during their mid-month updates, the release of Alonzo Purple on September 12. This announcement and its anticipation had already pushed ADA above $ 1 and now the digital asset was trading at $ 2.11. Given the momentum, driven towards the Cardano market due to previous updates, ADA was back at least 50% after the May crash.
Among the Cardano community, a highly anticipated event is the “The Hard Fork Combinator” (HFC) event. As it seeks to open up the means to include smart contracts on the network, it would equip users with more features. Commenting on the announced date for the HFC event, Wainman set,
“Charles Hoskinson dropped the bomb that they actually have a set date for enabling smart contracts in Cardano … Now people will start using ADA to access the wild universe that exists on top of Cardano.”
With more assets starting to trade on Cardano, traders may want to keep an eye out for upcoming events. As the network adapts to the changing needs of users, community support appears strong.
Meanwhile, outside the Cardano network, institutions have recognized it as an important asset. Although a Cardano exchange-traded fund (ETF) was not yet in the pipeline, Grayscale added to its Large Cap Digital Fund. As Cardano aimed higher to outperform Ethereum’s scalability and efficiency, it will be one of the important assets to look out for in Q3.
Meanwhile, the estimated future price of ADA was $ 5, according to an analyst who goes by the name “Coin Bureau.” He pointed out the upcoming changes and that the addition of smart contracts could bring more users to Cardano.
“This earning potential could bring in a record number of retail investors and users. I see that bringing the ADA down to the $ 4 to $ 5 range. “
This is a machine translation of our English version.
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