Cardano is the third generation blockchain project that issued native token ADA. Currently, ADA replaced BNB on the crypto leader board and reinstated on the 3rd rank. At present, ADA is the third-largest cryptocurrency in the world in terms of market cap. The rally started with Bitcoin prices moving upwards during the last two weeks.
Cardano network has also received increased interest from the investors due to the Alonzo hard fork event. This upgrade is going to allow smart contracts to run on the ecosystem. The highly anticipated update is in the final stages. According to the development team at Cardano, the third phase of the upgrade called Alonzo purple will go live on the mainnet by September this year.
Cardano Network is Planning to Introduce Better Services
Cardano blockchain has several upgrade programs that are going to go live in the coming year. This year, the network managed to deliver on its promise to become smart contracts complaint. As per the development team at Cardano, Alonzo Purple is already live on the testnet. Another great achievement for the blockchain project is that ADA has recently registered a new ATH.
At press time, ADA is trading for $20.51 per unit. Recently, ADA was able to maintain a high position of $20.55, which is the peak performance in the history of the token. During the last bull rally in May 2021, ADA managed to go as high as $2.46. The ADA investors are hopeful that it can reach $3 before the end of August.
Charles Hoskinson is the founder of Cardano and holds a CEO position at IOHK. He launched this new blockchain project after leaving Ethereum in 2017. The main aim of the Cardano blockchain is to outperform Ethereum. There are critics like Mike Novogratz from Galaxy Digital who seem to disagree with the notion.
Novogratz commented on the subject that he has spoken to 20 technical experts in the crypto industry, and none of them have any such expectations from Cardano. However, Hoskinson did not back away from issuing a counter-argument by claiming that he knows the top 20 bankers and none of them seem to think that any cryptocurrency in the space stands a chance at surviving as an asset class commodity in the long run. ADA appreciated by 1800% this year, leaving behind the biggest cryptocurrencies like XRP, BNB, BTC, and ETH.