The Cardano share price breaks through the USD 3 mark by launching the Alonzo test net and reaches a new all-time high of USD 3.09 for the time being. The final update will go live on September 12. Other cryptocurrencies are also in the dark green.
For a long time, people waited for Cardano to implement smart contracts. After this was postponed several times, the developers are currently fully on schedule. Thus, a postponement of the final Alonzo update to September 17 is probably no longer in the offing.
Cardano (ADA) could double its value in the last weeks. Analysts considered an increase to up to 5 USD realistic until the Alonzo update is finally through. By implementing smart contracts, Cardano has real utility after all these years outside of simple transactions. This could also put Ethereum, the world’s second largest cryptocurrency, in a bind.
Cardano’s market cap is now at $99 billion after the rise in Cardano’s price and could soon reach triple-digit billions for the first time in ADA history.
Cardano with record inflows
Along with Solana (SOL), Cardano has been the coin of the moment lately. But it’s not just Cardano’s share price that’s on the rise. As Coinshares reported, Cardano investment products saw their highest inflows ever last week.
CoinShares’ Digital Asset Fund Flows Weekly Report is “a brief overview of inflows and outflows in popular ETPs, mutual funds, and OTC trusts related to bitcoin, ether, and other digital assets.”
For example, according to the report, there were outflows worth $3.8 million in bitcoin, while Cardano saw inflows of $10.1 million, the largest ever recorded.
Hoskinson answers critics
Meanwhile, the partnership between Cardano and Coinfirm has caused criticism in recent days. Coin Bureau and Weiss Crypto in particular had called the move disappointing.
1/ So. #Cardano curators decided to advance regulatory compliance of $ADA token, partnering with <a href=”https://twitter.com/hashtag/Coinfirm?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener”>#Coinfirm, provider of(#AML)anti-money-laundering analytics.
Bad move all around, disappointing. Here’s why: (THREAD.)
– Weiss Crypto (@WeissCrypto) August 25, 2021
Hoskinson explained in a video that compliance tools are important to him because regulated companies need to ensure they are in their own space. However, none of this would have an impact on Cardano’s decentralization. Hoskinson further added:
“It is open source software that is fully decentralised. It’s in a GitHub repository at any given time. Anyone can fork that and run it with their own brand, their own logo, and their own reputation beyond that. It’s not proprietary in any way.”
All of this is important because DeFi products will have to comply with stricter regulations in the near future, Hoskinson added.
Ethereum and bitcoin also rise sharply
Meanwhile, bitcoin (BTC) recovered from its minor setback to below USD 47,000 and is currently battling back at the USD 50,000 mark. Today’s high represents 49,850 USD, while Ethereum has also seen a sharp rise in the last 24 hours.
We had already reported that Ethereum price could reach 4,000 USD soon. Ethereum’s all-time high is only marginally higher at USD 4,362. Whether Ethereum will reach a new all-time high in this bull run just like Solana (SOL) or Cardano (ADA) remains to be seen, but it is not very unlikely.