Cardano (CCC:ADA-USD) is enjoying a huge moment. The crypto is continuing to rocket throughout the month of August, overtaking previous highs with ease and building a market capitalization that is big enough to put it next to the big two cryptos. With an upgrade looming, investors appear to be massively pouring into and betting on more big gains for the ADA coin. Of course, these investors are itching to know what Cardano price predictions are saying about the future of the crypto.
The Cardano network is preparing to usher in one of its largest upgrades ever in the form of the Alonzo Purple update. Alonzo Purple, the third in a series of recent upgrades, will implement smart contracts on the network. This is a huge deal; smart contracts will allow for much more efficient transactions on the network, requiring far less manpower than previously needed to facilitate them. It will also help the network to accommodate more transactions at one time than it previously could.
The upgrade, according to Cardano developers, is set for a Sept. 12 rollout, just before the Cardano Summit event at the end of September. Users have been flocking to the coin ahead of the upgrade, and the hype is allowing the coin to surge past previous all-time highs. In fact, today the crypto is nearing the $3 mark, much higher than the $2.30 all-time high the coin had prior to August. And the crypto is not only inflating in value; its market cap is now exceeding $93 billion — easily overtaking Binance Coin (CCC:BNB-USD) and making it the third-largest crypto.
Cardano Price Predictions: Can ADA Overtake the $3 Mark?
Cardano’s ADA currently sits at $2.93. Given its swift appreciation of over $1.50 in the last few weeks, it’s highly probable that the coin surpasses the huge milestone. But when might this happen? Can the Alonzo Purple upgrade help elevate ADA past $3, or even far beyond? Let’s take a look at some Cardano price predictions:
- WalletInvestor believes the next year will see ADA soar far beyond its current high. The outlet predicts a price of $4.74 for ADA by August 2022.
- CoinPriceForecast thinks ADA can far surpass current highs. Their forecast for ADA prices the coin at $5.58 by the end of 2021.
- Gov Capital predicts gains are in Cardano’s future but that they will be slow and stunted. The site predicts ADA will reach just $3.50 by next August.
- The Economy Forecast Agency’s prediction for ADA places the coin’s price at $3.83 by the end of December.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.