TL;DR Breakdown
- Cardano ADA becomes third largest coin in crypto market
- Cardano price pumped after announcement of Alonzo hard fork on the Cardano mainnet
- Analyst predicts Cardano to hit $4 by end of 2021
Cardano ADA has become the third most valuable cryptocurrency after a week of radical and consistent price surge.
The coin took over the number three spot after blockchain technology company IOHK developers of Cardano ADA announced the date for the Alonzo hard fork on the Cardano mainnet. The announcement on Friday helped ADA extend its recent bull run.
Nigel Hemsley, Head of Delivery & Products at IOHK, told Tim Harrison, Marketing & Communications Director at IOHK, that Cardano’s Alonzo hard fork combinator event would hold September 12.
Cardano ADA bull run was extended upon the announcement after it started its rally on July 20.
Data by analytical website TradingView, on crypto exchange Kraken, suggests that ADA price hit today’s intraday high of $2.2430 at 09:40 UTC. This brings the coin close to its all-time high price at $2.4223, which was reached on May 16. At press time, the coin trades at $2.19 on CoinGecko.
Cardano ADA to hit $4 analyst predicts
Crypto influencer “Coin Bureau” talked about Cardano in one of his analysis released on his YouTube channel. He spoke on why he is so bullish on $ADA and gave his year-end price target
According to coin Bureau, although Cardano’s upside potential is limited due to its large market cap, the coin has more room to grow than Ethereum. He notes that ADA has maintained its bullish momentum against all odds.
Coin Bureau also said it has held up strong despite the recent downturn and is still in a very visible uptrend, which he says is because Cardano’s best days are ahead of it.
Another reason for his bullish prediction on Cardano ADA is the fact that its long-awaited smart contract update is only weeks away, and there are hundreds of users waiting to use Cardano’s DApps.
He states that Cardano’s ecosystem consists of its own unique community-funded projects, which will present new opportunities for 100X returns for early investors once smart contracts go live.
Coin bureau states that the potential for profit would bring in record amounts of retail investors and users, as he see that taking ADA up to the $4 to $5 range.
