Cardano (ADA) Can Become Second Altcoin After Solana to hit ATH, Here’s Why

By Prashant Jha
Published August 16, 2021 Updated August 17, 2021
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Cardano (ADA) Can Become Second Altcoin After Solana to hit ATH, Here’s Why

By Prashant Jha
Published August 16, 2021 Updated August 17, 2021

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.

Cardano
Source: TradingView

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.

Solana
Source: TradingView

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.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1194 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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