Cardano catches up with Solana and Terra as ADA hits new all-time high

Cardano catches up with Solana and Terra as ADA hits new all-time high

Cardano’s market cap has crossed $79 billion, nearly 20% of the second biggest crypto, ETH.

ADA rallied over 85% in August in response to the upcoming Alonzo hard fork and smart contract upgrade announcements.

Cardano’s competitors Solana (SOL) and Terra (LUNA) have surged by over 40% in the past two days.

The Ethereum killers are competing for a larger share of the decentralized application ecosystem.

Cardano, Solana, and Terra surge in value, challenging Ethereum’s dominance in the DeFi landscape.

Ethereum killers hit a new all-time high, enjoy high daily trade volume and market capitalization

The Crypto community’s interest in Cardano hit a peak ahead of its smart contract functionality launch. The third-largest cryptocurrency by market capitalization, ADA’s price is up nearly 20% in the past day, and it is currently in the price discovery mode.

ADA has emerged as the biggest crypto to hit a new all-time high (ATH) after over $1 trillion was wiped off the broader cryptocurrency market in the last few weeks. ADA is accompanied by rivals SOL and LUNA in its race to power decentralized applications on its blockchain, directly competing with Ethereum.

The three altcoins have witnessed a renewed interest from crypto-enthusiasts since the number one crypto Bitcoin started trading sideways. The price of both SOL and LUNA is up over 40% in the past 48 hours, and all three “Ethereum killers” have hit new ATH.

Despite the rampant security issues in the DeFi ecosystem, traders are optimistic about the three projects. This is evident from the increase in daily trade volume across exchanges.

ADA is priced the least among the three and enjoys the largest market capitalization. The recent slew of announcements from Input Output Hong Kong (IOHK), the blockchain company behind Cardano, and CEO Charles Hoskinson has led to higher anticipation of smart contract functionality in the trading community.

Recently IOHK shared a developer update with detailed progress of the Alonzo hard fork and the smart contract functionality tests on Twitter.

New #Cardano360 August edition is coming – next Thursday, 26th August at 16:30 UTC.

Join us for the latest updates on #Alonzo #smartcontracts, partnerships & community news, and more!

Subscribe to our YouTube to be alerted on the day! https://t.co/KUnhUBZfDx pic.twitter.com/Mf41qhJIvM — Input Output (@InputOutputHK) August 18, 2021

When compared to the July 2021 low of $1, Cardano’s historic rise to $2.50 has unseated Binance Coin as the third-largest cryptocurrency. ADA price has gained 150% in less than 50 days, turning traders bullish on its potential for a breakout.

Simon Dedic, a managing partner of Moonrock Capital, a blockchain advisory and investment partnership, acknowledged the growth of the three “Ethereum killers.”

I will always have a fat batch of $ETH in my portfolio, I don’t care how many Ethereum killers might come around.

However, diversifying is always a great idea, why putting all your eggs in one basket?$SOL, $ADA and $DOT seem like great opportunities here — Simon Dedic (@scoinaldo) August 19, 2021

Cardano, Solana, and Terra have witnessed a surge in social dominance alongside the price rally as the protocol wars continue.

Analysts at FXStreet expect the Cardano rally to continue as it is primed for hitting new all-time highs.

Cardano ADA price prediction 2021: Can the cryptocurrency reach $10?

THE price of Cardano has soared in recent days, but crypto investors are hoping it’ll reach even higher.

Cardano, also known as ADA, became the third largest cryptocurrency yesterday thanks to its increasing value.

1 We reveal price predictions for the Cardano crypto, also known as ADA

Cardano is a blockchain platform, which was launched in 2017 by Charles Hoskinson - one of the co-founders of Bitcoin rival Ethereum.

Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

If you’re thinking of investing, if you haven’t already, be aware that it’s not a guaranteed way to make money and you can lose all the cash you put in.

In other words, don’t invest more than you can afford to lose or into something you don’t understand.

Cryptocurrencies are also especially volatile, and their values can make large swings at no notice.

There’s scant regulation for crypto firms, so you’ll find yourself without protection if and when things go wrong.

What’s the Cardano price?

The value of Cardano is currently sitting at $2.08, according to CoinMarketCap.

It’s down by 4% over the past 24 hours but up by almost 40% over the past seven days.

In comparison, it was worth just $0.18 at the start of January this year, meaning its value has soared by more than 1,000% since then.

Cardano hit its highest ever level on May 17, when it reached $2.3091.

Cardano price predictions for 2021

How the value of Cardano will change in future is impossible to know for certain, but plenty of experts and investors have made predictions.

Make sure you take the predictions with a pinch of salt though, as they’re nowhere near guaranteed.

The cryptocurrency market is affected by a number of factors, including regulatory crackdowns and comments by high-profile individuals.

CoinPriceForecast estimates Cardano will hit $3 by the end of 2021 and $5 by the end of 2024.

But it won’t be until 2031 that it could hit $10, according to the site.

Meanwhile, WalletInvestor has a one-year forecast for Cardano of $3.093 and a five-year forecast of $9.774.

Plus, Digital Coin estimates Cardano will hit $3.09 this year and then rise to $3.82 in 2022.

In 2028, it expects the cryptocurrency will reach $9.25.

What do the experts say?

Experts are urging keen investors to only invest money that they can afford to lose, whether it’s Cardano or any other cryptocurrency.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, has previously warned: “Much of the demand for these coins and tokens have come from traders hoping to benefit from future price rises rather than using them as a means of exchange.

“Gains are often being fuelled by frenzied chat across social media with influencers jostling for position to push their favoured coins.

“But like a slot machine, many of the coins being pushed into circulation are very much a speculative bet and investors should only get involved if they have money they can afford to lose.”

In other cryptocurrency news, Solana has soared to a new record high this week.

We also explain what Aave is and what investors should keep in mind.

Cardano Price Prediction: Concerns About ADA Remain

The Cardano (ADA) price strong rally paused on Monday as investors reflected on the recent strong rally. ADA is trading at $2.1188, which was slightly below the day’s high of $2.2435. It has a market value of more than $68 billion and is the fourth biggest coin in the world.

Why ADA price jumped

It is relatively easy to explain why the Cardano price has jumped by more than 100% in the past few weeks alone. The main reason is that other coins, Bitcoin and Ethereum in particular, have been in a strong bullish trend as well. As a result, all other altcoins like Binance Coin and VeChain have also risen.

Another reason why Cardano has risen is a bit controversial. Recently, the team at IOHK has been working hard to bring smart contracts into the ecosystem. For starters, the smart contract technology is the one that allows other blockchain projects like Ethereum and Solana to support DAPPs.

This is a controversial reason since many watchers are sceptical about the introduction of smart contracts will have an impact in the system. For one, there are several blockchain technologies that allow developers to build these apps. Ethereum is the biggest player followed by Binance Coin, Polkadot, and Solana.

Therefore, there are concerns that Cardano is a bit late to get into the industry. Just last month, Mike Novogratz asked some questions about Cardano and whether there was any developer already building on it. It is still unclear about the projects running on Cardano, which makes its valuation significantly stretched.

Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life. — Mike Novogratz (@novogratz) March 9, 2021

Cardano price prediction

The four-hour chart shows that the ADA price has been in a strong bullish trend. This was in line with my previous estimate. The coin found a strong resistance at $2.2485, which was the highest level since May this year. The coin remains above the 25-day and 50-day moving averages. It is also above $1.8875, which was the highest point on June 3. This makes this level a major support.

ADA also seems to be forming a major bullish consolidation zone. Therefore, I suspect that the coin will go through a significant pullback with the key reference point being $1.8875, which is about 10% below the current level. In the long-term, however, the coin will maintain its bullish trend as bulls target the YTD high at $2.46.