Cardano ($ADA) Completes Alonzo Hardfork Successfully, Hoskinson Wins NFT Bet

By Prashant Jha
Published September 13, 2021 Updated September 13, 2021
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Cardano ($ADA) Completes Alonzo Hardfork Successfully, Hoskinson Wins NFT Bet

By Prashant Jha
Published September 13, 2021 Updated September 13, 2021

Cardano ($ADA) blockchain went under a successful Alonzo upgrade on September 12 integrating smart contract support on the network. The long-awaited upgrade made Cardano blockchain smart contract compatible opening avenues for a new ecosystem that would comprise of Dapps and NFTs. Cardano founder Charles Hoskinson tweeted the successful upgrade bringing a new era to the blockchain.

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Cardano blockchain has faced a lot of hurdles and even more criticism for being late and taking years to integrate something available on Ethereum, Polkadot, and many other for years now. In fact, critics were so confident against Cardano that they bet it would never be able to launch an NFT marketplace or a Dapp ecosystem.

Polymarket, crypto centered news, and the analytic platform was among the first to bet Cardano would not see Smart contracts or Dapps by the end of this year along with a bet that the price of $ADA won’t touch $3 either and the platform has lost all the bets placed against Cardano now. Hoskinson took to Twitter to remind the platform to pay to a charity of Hoskinson’s choice.

Cardano ($ADA) Price Slumps

The Alonzo smart contract upgrade was seen as a key catalyst behind the $ADA price surge in the run-up to the hardfork. The price of the altcoin started to surge as soon as the final upgrade date was announced in August. $ADA price surged by more than 2.5X in the last 45 days breaking past its previous ATH of $2.47 and set a new ATH of $3.10. However, September is seen as a bearish month overall based on the historical price behaviour of the crypto market and that has been showing its impact post the bullish first week.

$ADA price slumped to a new 3-day low of $2.41 registering a 5.25% decline over the past 24-hours. Ethereum’s London Hardfork paved way for $ETH price to set new monthly highs, $ADA might see a similar trend in the coming days as new Dapps and NFTs make their way into the ecosystem.

Cardano ($ADA)
Source: TradingView

 

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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
1019 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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