Cardano’s price has jumped 60% since the start of August after the team behind it set a date for its smart contract launch. Will there be a correction after such a serious jump, or is this just the beginning of a larger rally in the coming years?
Cardano’s approach differs from many digital currencies on the market — it prioritises thorough research. Its team peer reviews and stress tests everything before implementation. That means the final product is likely to be more robust and work more smoothly. However, it also means it’s taken until this year to introduce smart contract functionality.
It is currently carrying out its final tests, and the team says it will launch the smart contract upgrade (called Alonzo) on September 12. Committing to a fixed date has given Cardano’s price a considerable boost.
According to CoinMarketCap data, Cardano broke the $2 mark for the first time since the May crypto price peak. It reached a high of $2.25 over the weekend, taking it close to its all-time high of $2.46 on May 16.
The long-awaited smart contract launch will reassure investors, who will now be watching closely to ensure Cardano, sticks to its deadline.
Over time, might be able to knock off the top spot. A more likely scenario is that both cryptocurrencies continue to grow and both will be part of the future crypto landscape as it evolves. What’s for sure is that without smart contracts, Cardano wouldn’t even have made it to the starting line.
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