TL;DR Breakdown
• Cardano remains the fourth largest capitalization cryptocurrency after announcing smart contracts.
• The ADA token could exceed the Ethereum market capitalization in the long term.
The Cardano crypto has given much to talk about as its value increased in the early hours of Friday, August 13. ADA, which ranks third on the CoinMarketCap list, increased its value by 17 percent, reaching a value of $2.03.
The virtual currency has gained a capitalization of 64 billion dollars after announcing that it will accept smart contracts. ADA could reportedly compete shortly with Ethereum that has long used smart contracts.
Cardano and the smart contract network
Cardano developers have announced that they will start using smart contracts for their benefit. After the announcement a few minutes ago, the crypto reached a new value in the market, and according to figures, it has a rise of 42.87 percent in seven days.
Cardano shows a unique decentralized plan where the Blockchain network and the crypto market, in general, are leveraged. This cryptocurrency can be bought on various crypto exchanges such as eToro, Coinbase, and popular Kraken.
For ADA investors, the cryptocurrency has recovered from the losses that it presented for three months. The Cointelegraph markets platform shows that the ADA-USD combination increased in value following the announcement of the smart contracts.
On average, ADA earned 0.25 cents on Thursday night, and it is expected that it may increase in value by tonight.
ADA gains value in a cryptocurrency market crisis
It seems interesting that Cardano is gaining value amid a receding cryptocurrency market. The mining crisis in China had once again affected crypto, especially Bitcoin, which ranks first, as always.
The ADA price focuses on updating smart contracts, something that investors will receive. Lark Davis, a famous ADA trader, describes the crypto movement as a market driver.
According to Davis, a 6X value in ADA could give you a capitalization equal to Ethereum. Davis also intuits that this move in ADA could bring a lot of profit to the token after smart contracts go live.
Davis’s claims about Cardano are bold, hopeful that the token will hit 50X in capitalization. On the other hand, ADA is not the only token that increases its resistance because Bitcoin has had a good share in the market. The market-leading cryptocurrency is trading above $46,483 with an upside of 5.22 percent. The token shows a rise in the value of 8.47 percent in about a week.
The cryptocurrency market, in general, has had a good week, and maybe it will keep this vision for the whole month. The new adoptions of crypto have strengthened the market value giving investment opportunities. ADA could hit a new all-time high before the end of the year.
