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Cardano price jumped more than 17% due to the much-anticipated Alonzo hardfork. Cardano price rose more than 17% on the Binance exchange, reaching an intraday high of $2.78. This gain also offset a 6% loss in the last seven-day period. Details Cryptocoin. com.

Cardano price up 17% ahead of smart contract launch

The price action of the local currency of the leading proof-of-stake chain is driven by the rise in anticipation surrounding the upcoming Alonzo upgrade, which will bring smart contracts to the network. The event will take place on September 12, after months of anticipation within the cryptocurrency community. During a livestream, IOG CEO Charles Hoskinson stated that the recent ADA price drop was not related to the concurrency controversy and dismissed media reports claiming otherwise. The billionaire attributes the decline to the broader cryptocurrency market correction, saying:

The market collapsed and proportionally everything collapsed together. There was never a situation where everything was green and something fell and that thing somehow fell because we couldn’t deliver something.

On Sept. 7, ADA briefly tumbled nearly 30% in a major market sell-off, dropping to its lowest level since Aug. Cardano has been hit by an attack on social media following the bumpy launch of the multi-pool decentralized exchange Minswap. During a livestream, IOG CEO Charles Hoskinson claimed that the recent ADA price drop had nothing to do with the controversies (or Cardano-specific issues) accompanying Alonzo and dismissed media reports claiming otherwise. Currently, users are starting to complain about not being able to perform basic transactions on the platform due to a bug associated with Blockchain’s eUTxO accounting model. Many people come to the premature conclusion that the network is only capable of processing one transaction per block, and this is completely wrong.

Working for solution

Currently, Cardano developers are working on different scaling solutions for dApps on the network. Hoskinson also stressed that the mainnet will gain more capability through a series of periodic upgrades. Hoskinson also accused the cryptocurrency industry of being polarizing and inhumane if they were violent, as it instantly branded those who made mistakes as a criminal or psychological liar.

Expressed disappointment with some members of the Bitcoin community who were convinced that Cardano was a scam. Hoskinson said that smart contracts can be extremely useful for the Bitcoin ecosystem and other projects. ADA has bounced off the $2.4 level and is about to reach $2.8 soon. However, the growth is not supported by the trading volume, which means that traders are accumulating strength to push for more price pads. If the daily candle closes above yesterday’s high, ADA could reach $2,831 in the next few days. ADA was trading at $2.7 at the time of writing.


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Michael Lewis

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