On Friday (August 13), blockchain technology company IOHK (aka “IOG”), which is developing the Cardano protocol, announced the date for the Alonzo hard fork on the Cardano mainnet. This news has helped $ADA to extend its recent bull run.
During Cardano’s “Mid Month Development Update” event on August 13, Nigel Hemsley, Head of Delivery & Products at IOHK, told Tim Harrison, Marketing & Communications Director at IOHK, that Cardano’s Alonzo hard fork combinator event has been scheduled for September 12.
This highly anticipated announcement seems to have helped $ADA to extend its recent bull ran (which started around July 20), thereby becoming the third most valuable crypto asset by market cap.
According to data by TradingView, on crypto exchange Kraken, the $ADA price hit today’s intraday high of $2.2430 at 09:40 UTC; as you can see, this is not far off from the all-time high price of $2.4223, which was reached on May 16. Currently (as of 16:35 UTC on August 14), ADA-USD is trading at $2.1744, i.e. up 8.8% in the past 24-hour period.
On August 10, crypto influencer “Coin Bureau” (“@coinbureau” on Twitter) talked about Cardano in a video (titled “TOP Altcoin Picks 2021 Q3”) released on YouTube channel “Coin Bureau“; here, the show’s pseudonymous host told the channel’s over 1.2 million subscribers why he is so bullish on $ADA and gave his year end price target.
“Even though Cardano’s upside potential is also limited due to its large market cap, it has much more room to grow than Ethereum, and this is for many reasons. For starters, ADA has maintained its bullish momentum against all odds. It has held up strong despite the recent downturn and is still in a very visible uptrend. This is because Cardano’s best days are ahead of it.
“It’s long-awaited smart contract update is only weeks away, and there are hundreds of thousands, if not millions, of users waiting to use Cardano’s DApps… ADA has also seen a significant degree of interest from institutional investors…
“Moreover, Cardano’s ecosystem consists of its own unique community-funded projects, which will present new opportunities for 100X returns for early investors once smart contracts go live. This potential for profit could bring in record amounts of retail investors and users, and I could see that taking ADA up to the $4 to $5 range.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.