Cardano (ADA) on Monday set a new historical high above $2.95, adding more than 13%.
Since the beginning of the month, the third cryptocurrency has risen by 120% on the expectations of smart contracts.
Cardano is growing ahead of the blockchain update. Director of Marketing and Communications at IOHK (Cardano issuer) Tim Harrison announced the release of the Alonzo hard fork on September 12. Alonzo will add support for smart contracts and the ability to create decentralized applications (DeFi) to the Cardano blockchain.
Another favorable factor is the listing of ADA on the Japanese Bitpoint exchange, which will take place on August 25. Previously, ADA was not available in Japan, and the project noted that it is very difficult to obtain permission for the circulation of the token under the strict requirements of the local regulator.
In addition, last Wednesday, IOHK announced the upcoming launch of the djed algorithmic stablecoin, which will be one of the first scenarios for the use of new smart contracts.
Now everyone expects growth above $3.0, which will put Cardano (ADA) on a completely different trajectory. The network data provider Santiment reports that this is quite possible in the conditions of increased euphoria of investors, writes cryptocurrency.tech.
The third cryptocurrency is now enjoying success with investors from Wall Street. According to a survey by Gemini crypto exchange, about 40% of crypto investors in Singapore also invested in Cardano.
Recall that in July, the Cardano Foundation presented a development plan for the next five years. By 2026, at least three Fortune 500 companies will use the Cardano cryptocurrency, 50 banks will become partners of the Cardano Foundation, and the user base of the platform's ecosystem is planned to increase to 1 billion.