Cardano has jumped 12% in a day and this price rise might be because of the upcoming smart contracts upgrade that would make it a direct competitor of Ethereum
Cardano (ADA) is the world’s first scientific blockchain that is peer-reviewed which makes it a very strong project with good fundamentals. The ADA token took its time to rise slowly but over the past year, it has registered good gains rising by 1167%. Unlike other blockchain networks, it doesn’t simply represent a currency but a full-fledged network with the capacity for scalability and the ability to run smart contracts. Therefore, the news that smart contracts may become a reality soon (by next month) has triggered a strong appreciation in the price of ADA.
How & where to buy Cardano in the UK and elsewhere
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What is Cardano?
Cardano is a decentralised Proof of Stake network founded by Charles Hoskinson, a co-founder of Ethereum. The blockchain community soon realised that Proof of Stake networks are better suited for scalability and consume less power. It seems like Cardano figured this out rather quickly and has some advantage over other Proof of Work currencies like Bitcoin. It will also soon support decentralised finance (DeFi) and smart contracts with the ability to allow ERC20 tokens to run on the network.
Should I buy ADA today?
Cardano is a long term project with good fundamentals. It has climbed its way into the top ten cryptocurrencies by market cap and will continue to grow driven by the DeFi boom and dApps. The Alonzo upgrade will allow it to offer smart contracts making it a full-fledged blockchain network. Many veteran analysts believe that the ADA token will see some appreciation when the full capacity of the Cardano network is utilised.
Cardano 1 day chart: CoinMarketCap
The one day chart shows that news of the upcoming final and third part of the Alonzo upgrade has had a positive impact on ADA’s price. This might just continue until next month and ADA may perhaps see a more significant price rally.