- Cardano is soaring to new highs with the $3 mark already within the grasp of bullish investors.
- Cardano’s Alonzo which will enable smart contract on the blockchain is at the fore for its uphill run alongside the proposed ERC-20 migration tool.
Cardano, the third generation blockchain meant to challenge Ethereum is having a good year with another uphill run on the way as new developments continue to unfold. The roadmap and rise of the “ETH killer” have been nothing short of awesome as from the Byron development stage to the present last days of Shelley, it has ticked all the boxes, made an expansion to Africa, increased the presence of the Cardano Foundation among other partnership that has been signed.
Alonzo Is At The Centre Of the Blistering Run
Alonzo, the upgrade which will make the Cardano blockchain smart contract compatible has been on the lips of crypto enthusiasts as it will become a reality this month. Smart contracts are programs that execute automatically when certain conditions are met and they have become the new cool for blockchains. The Cardano blockchain announcing the Cardano hardfork has sent the price over the roof to a record high of $2.90 last week. The upgrade is expected to bring NFT’s, blockchains gaming, and other apps to the blockchain.
In addition to smart contracts which might make the blockchain live up to its nickname as an “ETH killer”, IOHK, the development arm of Cardano has announced that the launch of an ERC-20 migrating tool for users to move their Ethereum assets to its blockchain. Charles Hoskinson, the founder of Cardano has revealed that over 100 projects are already planning a move to Cardano.
Cardano’s Bullish Run
Cardano has soared over 115% in the past 30 days and has hit a record high of $2.90. Before this, Cardano had already hit a high of $2.58 on the 18th of August overtaking Binance Coin to third place by market capitalization. Cardano has a current market capitalization of $90 billion. This year, ADA has come back from the woes of the market downturn to raise its yearly rise to over 1,290%.
Currently trading at $2.84, Cardano may hit another milestone if it touches $3. This looks very possible in the coming weeks as the bulls have set their sights to end the year on a high. It’s been one great development after another for Cardano in the last 30 days.
Why It Matters?
Cardano, a third-generation blockchain that has been dubbed an ETH killer will cruise into smart contracts this month leading to a mass adoption before the end of the year. This appears to be the right time to keep gazes on ADA because this uphill run still has more steam.
The Goguen phase of Cardano’s development is already been anticipated and tipped for success. The Basho phase which will enable side chains as the network becomes more scalable as a result of the smart contract is another reason why Cardano is ready to take on Ethereum.