Cardano has been experiencing a major growth rally recently, and it is its biggest one yet. While the rally doesn’t show any signs of slowing down yet, the price per token has already reached an all-time high. The more surprising fact is that Cardano is managing to grow despite its other competition is still struggling with their significant discounts. Thanks to its continued incredible performance throughout the market, t has managed to become the third biggest cryptocurrency by total market cap.
Crypto volatility has gotten to an all-time high throughout the year, as various developments occurred throughout the market. China continued to crack down on cryptocurrency exchanges and firms, tightening regulation as a result. While trading has obviously taken a hit in recent months, mining has also been hit quite badly.
On the other hand, the worldwide adoption of crypto throughout the world has increased significantly. Developing countries like India, Tonga, and Kenya, were some of the highest countries on the crypto adoption index. And despite the coins like Bitcoin reaching their all-time high this year, they also experienced their biggest one-day drop ever.
The rising adoption of cryptocurrency throughout the world is nowhere more apparent than with Robinhood. Their second-quarter earnings showed that over two-thirds of their retail investors were trading crypto.
Even though it is certainly great that Cardano is getting its spot in the light, it is worth understanding why that is the case. It seems that Cardano is going up thanks to its Alonzo upgrade. Investors have been looking forward to this upgrade for a long time, given that it was going to fix a lot of the issues that the people would be having with the token. Furthermore, the upgrade will also increase Cardano’s functionality, and will fix a lot of the issues with the current network.
Alonzo will be a smart contract, and it is set to launch in September of 2021. Ethereum’s co-founder, Charles Hoskinson, has the first-mover advantage.
Despite Cardano actively competing against cryptocurrencies like Ethereum and Bitcoin, they offer a very unique selling point. Cardano is able to offer an alternative to decentralized coins and tokens, while still being very safe and secure. With their unique selling point, Cardano has managed to become the third-largest crypto in the market behind Ether and Bitcoin.
As for predicting the price for Cardano, it is still looking very bullish. Despite reaching its all-time high, the token shows no signs of slowing down. It is also trading better than other moving averages, showing a technical uptrend for the token.