Unprecedented growth at Cardano – Cardano (ADA) is one of the self-proclaimed competitors of Ethereum – yet still without a single smart contract – that is enjoying the most hype from the crypto community. With the recent explosion of its price, more and more holders of its token are seeing their investment become extremely fruitful.
ADA Cryptocurrency Hits Highs
August was an extremely prolific month for investors who placed money on the Cardano Network’s ADA token. Indeed, in the space of a month, its price more than doubled from $1.32 per unit (on August 1) to $2.95 (on August 23). This figure represents a new ATH for Cardano’s token, which had, for the first time, surpassed the $2 mark in mid-May 2021.
<img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’ADA price evolution over the past year showing a new ATH at $2.95 on August 23, 2021″ /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_61281c011cb3f..png” alt=”ADA price movement over the past year showing a new $2.95 ATH on August 23, 2021″ />ADAprice movementover the past year – Source: CoinGecko
Several analysts had already taken a public stance, announcing their enthusiasm towards the project. Amy Arnott, portfolio manager for Morningstar, predicted the birth of a “Big Three”
composed of Bitcoin, Ethereum and Cardano, as the release of the long-awaited smart contracts on the latter approached.
The insane rise in the price was initially initiated by the rollout of the Mary hard fork last March
. This date, considered historic by its founder Charles Hoskinson, had introduced the multi-token on the Cardano platform. This long-awaited feature allowed the network to support other cryptocurrencies, in addition to the ADA token, in the same way that Ethereum hosts ETH and various ERC-20s.
Cardano: the millionaire factory
price of ADA has risen in recent weeks, more and more holders of the token have seen their investment explode
As a result, the number of addresses holding more than $1 million in ADA tokens has increased by
173% in that time. The network now has 9,830 addresses holding that amount, up from 3,625 in July, according to information reported by Messari. <img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’Evolution of the number of addresses with more than $1 million in ADA: 9,830 total addresses’ /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_61281c10bb0c2..png” alt=’Evolution of the number of addresses with more than $1 million in ADA: 9,830 total addresses’ /></a>Evolution of the number of addresses with more than $1 million in ADA – Source: Messari. </p> <p>At the same time, the number of wallets holding more than $10 million in ADA tokens rose from 504 to nearly 1,000 between July and August. </p> <p>Cardano now has everything to become a strong competitor to other smart contract blockchains, such as Ethereum, the Binance Smart Chain or Polygon… if, indeed, the famous smart contracts eventually land there. Recall that at the end of July, the <a href=”https://journalducoin.com/actualites/cardano-ada-smart-contracts-lancement-imminent/” target=”_self” rel=”noopener”>hard fork Alonzo White was deployed on the testnet</a> finally introducing the sacred smart contracts. A final testnet is expected to be deployed with the hard fork Alonzo Purple, which should mark the final step before moving to the mainnet. </p> <p>Once deployed on the mainnet, Cardano will have to catch up in terms of its ecosystem. Indeed, Ethereum and its competitors have had plenty of time to evolve theirs, especially via the rise of DeFi and NFTs. For its part, Cardano has a card to play in terms of security. Indeed, the latter could well overtake Ethereum if its decentralized applications are less prone to hacks, <a href=”https://journalducoin.com/actualites/defi-trop-hacks-malgre-baisse-criminalite-cryptosphere/” target=”_self” rel=”noopener”>unlike Ethereum’s DeFi</a>.</p> <p><em>Imagine a world where Bitcoin and other cryptos have been so cornered by billionaires and big financial firms, that there are only crumbs left for the rest of the world… Anticipate the worst by starting to accumulate bitcoins and cryptocurrencies today: an amazing offer awaits you on the Swissborg platform, which is offering up to €100 in crypto<a href=”https://journalducoin.com/SwissBorg/CTA1″ target=”_blank” rel=”noopener”> when you sign up</a> (affiliate link, for a minimum deposit of €50)</em></p>