Will Cardano (ADA) Cross $3 Soon? Higher Investor Euphoria Suggests So

By Bhushan Akolkar
Published August 23, 2021 Updated August 23, 2021
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Will Cardano (ADA) Cross $3 Soon? Higher Investor Euphoria Suggests So

By Bhushan Akolkar
Published August 23, 2021 Updated August 23, 2021

The investor euphoria is once again back in the crypto market. Bitcoin (BTC) has crossed its crucial resistance of $50,000 by gaining nearly 3% in the last 24-hours. However, it’s Cardano (ADA) hogging all the limelight in the market recently.

Cardano’s ADA price has shot up another 12% in the last 24-hours hitting its new all-time high of $2.84. Toppling Binance Coin (BNB) last week, ADA is also the third-largest cryptocurrency y market cap.

Everyone is now eyeing a move above $3.0 which will push Cardano (ADA) to a different trajectory altogether. On-chain data provider Santiment reports that this is very much possible amid higher investor euphoria. It states:

“Mentions of both the #Cardano hashtag and $ADA cashtag have absolutely exploded with the #crypto asset’s new #AllTimeHigh of $2.63. The crowd & its euphoric behavior at this level will have a major hand in whether prices continue toward $3.00 & beyond”.

Courtesy: Santiment

Furthermore, this euphoria in investors has been also around the upcoming Alonzo hardfork scheduled next month on September 12, 2021. The Alonzo hardfork will introduce the much-awaited smart contract functionality to the Cardano blockchain. This will exponentially increase the network’s capacity in terms of hosting DeFi, NFTs, and other similar projects.

Charles Hoskinson Talks About the Recent Network Affects

In a Saturday night briefing to his audience on YouTube, the IOHK chief spoke about the major challenge ahead of Cardano: the network effects. Hoskinson said that the developer team at Cardano is deeply committed to further development.

Instead of building the first-to-market products, Hoskinson has defended saying they are not willing to rush into things. In his briefing, Hoskison noted:

“This should be not controversial at all. This should be something that we all agree is probably a good idea given the complexity of the underlying protocol”.

He further pointed out the Poly Network’s $600-million hack and added rushing into things is not the best decision. Interestingly, Hoskinson doesn’t have a much good view of the rapidly emerging NFT market and Dogecoin’s of the crypto market.

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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
Bhushan Akolkar
820 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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