Cardano (ADA) is having a big day ahead of its critical smart contract announcement. The native cryptocurrency of the Proof-of-stake Blockchain Cardano (ADA) reached a 12-week high of $1.99 on OKEx exchange earlier today. The coin is less than 20 percent away from its all-time high of $2.45 recorded on May 16, after rising 42 percent in just one week.
Cardano (ADA) is having a big day ahead of critical smart contract announcement
In particular, according to CoinMarketCap data, Cardano is currently the leader of the top 20 cryptocurrencies. ADA is up more than 10 percent and has recorded a 42 percent increase in the last 7 days. ADA is now on its way to grabbing third place from Binance Coin (BNB). The recent resurgence of the cryptocurrency comes as no surprise to those following IOHK’s latest updates.
Hoskinson, meanwhile, is dealing with Bitcoin vs. Bitcoin, which has recently reached a boiling point due to Twitter CEO Jack Dorsey’s persistent rejection of the second largest blockchain. He joined the Ethereum discussion. In his response to crypto evangelist Anthony Pompliano, the Cardano inventor praised the rival project, claiming it was better than Bitcoin. In July, Hoskinson compared the crypto king to an exhausted football star with a beer belly during an interview with Lex Fridman.
Bitcoin vs. The inventor of ADA also joined the Ethereum discussion!
Yesterday, Twitter CEO Jack Dorsey caused outrage in the Ethereum community by posting a screenshot of a tweet describing the project as a “fraud.” This comes after a prominent Ethereum developer said that the second largest blockchain is the true manifestation of Satoshi Nakamoto’s vision. This was a statement that angered many Bitcoiners. The longstanding Bitcoin vs. The Ethereum debate has reignited and it doesn’t look like it’s going to happen anytime soon.
How does ADA look on charts? Let’s see together…
What does ADA look like on charts? Cardano has been the darling of investors this week after it was announced that the network will support the execution of smart contracts from Friday. The development comes after Ethereum completed its London hard fork last week and reduced the range of GAS fees for transactions and smart contract distribution.
When the news broke earlier this week, Cardano had a massive upswing and shrugged at $1.8 for the first time since June. According to Analisdollarser, there is undoubtedly another upswing in the kardollarsars, with D-Day finally here. Investors are expected to celebrate the new development as speculations for a $2.5 increase. At the time of writing, ADA is trading at $1.96 while the bulls are looking at $2. It adds confidence to the bullish outlook, especially with the MACD moving above the average line.