Cardano (ADA) Can Become Second Altcoin After Solana to hit ATH, Here’s Why
Cardano (ADA), the fourth-largest cryptocurrency by market cap is riding high post smart contract integration date announcement by Charles Hoskinson. Cardano network has been going through a series of updates, out of which Alonzo is believed to be the most critical one. It will introduce smart contract functionality on the platfrom.
The Alonzo Purple testenet launched last week while the final integration date of the platform has been set for September 12. The altcoin price broke past the key resistance of $2.00 in the wake of Alonzo Purple’s launch while it jumped to a new 3-month high of $2.25 and just 9% below its ATH of $2.46.
Solana (SOL), the tenth-largest cryptocurrency by market cap became the first altcoin to hit a new ATH after May. It surged by over 38% to record a new ATH of $65.68 after a weekly gain of 65%. The altcoin also registered a significant spike in network activity and adoption.
Can Cardano (ADA) Reach New ATH Again?
Cardano (ADA) could potentially become the second altcoin after Solana to reach the new ATH if it manages to continue its current bullish momentum. The smart contract functionality would make Cardano compete against the likes of Ethereum (ETH) and Polkadot (DOT). The current altcoin bullish momentum is being led by the “Ethereum-Killers” such as Solana and Cardano.
Cardano creator Hoskinson has claimed that the new upgrade could open a slew of opportunities for traders and developers alike, making it a hub for development work and possibilities.
The price of ADA started to rise as the Alonzo hard fork testenets started to successfully implement the key decentralization changes. The price rise also helped it to momentarily acquire the third spot on the crypto rankings by market cap behind Bitcoin and Etehreum. The market cap of the altcoins is currently at $69 billion as the overall market cap breached $2 trillion for the first time in three months.
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
