On July 30, Cardano ADA / USD founder Charles Hoskinson updated the community on upcoming updates to the Cardano blockchain. On the stream, he talked about the requirements needed for the updated fork and mentioned that it would take a lot of work. The good reassurance that we saw from this is the fact that Hoskinson mentioned that the team is on the program and that things are moving forward.
The next smart contract update as a catalyst for growth
The pseudonymous director of the Coin Bureau, who called himself “Guy” recently on August 5, mentioned that he hopes the next few weeks will be exciting for Cardano. Upgrading the functionality of the smart contract could be one of the biggest developments in the industry.
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He predicts that ADA has the potential to reach $ 4 to $ 5 by the end of the year and that this is just the beginning for ADA. To see if ADA is a worthwhile investment right now, we’ll go over a price analysis.
Should you invest in Cardano (ADA)?
On August 6, Cardano (ADA) was worth $ 1.37.
As a point of comparison, it reached its all-time high of $ 2.45 on May 16. This means that during the period from May to August, its value fell by 44%.
However, to get a better perspective on its most recent performance, we will review its performance in July.
One of its highest points was on July 4, where it was worth $ 1.46, and the lowest point was on July 20, where it fell to $ 1.02. So from its highest value in July, it fell just 6% and is up 34% from its lowest point in value for the entire month. According to data from IntoTheBlock, Cardano (ADA) saw $ 12.74 billion USD in transactions over $ 100,000 USD in the last 7 days. This indicates that there is a high level of activity on the blockchain and that there is demand for the token.
As this demand grows, and as the update begins rolling out, we can see the price of ADA increasing as many more people gain interest in smart contracts and we see many investors buying the token. With that being the case, at its current price of $ 1.37, it is a worthwhile investment as it is expected to rise to $ 2 when the upgrade is rolled out, and even has genuine potential to go as high as $ 4. by the end of the year according to experts.
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