Big News for Cardano!

Big News for Cardano!

The Cardano (ADA) team will be releasing an official date for the Alonzo Purple hardfork on Friday! The Alonzo Purple upgrade has been long awaited by many within the crypto community, as it is the third and final Cardano update for the foreseeable future. The upgrade will bring smart contract capabilities to Cardano, putting the cryptocurrency on par with Ethereum capability-wise.

This is big news for the future of Cardano’s price action! Currently 70% of the supply of Cardano tokens are staked, leaving only 30% of the tokens in circulation. This circulating 30% of tokens is likely to be eaten up incredibly quickly once Cardano’s smart contract capabilities go live, as they will then be used as utility tokens for the network. A significant amount of the Cardano tokens are also likely to be locked up in various Dapps and smart contracts, much in the same way Ether is used on the Ethereum blockchain.

The price of Cardano has already risen by approximately $0.20, discovering a two-month high since the Cardano team announced that they would have an official announcement regarding the release date. It is also likely that we will see another rise in price after Friday if we continue to follow the pattern of FOMO that we have seen recently after the Cardano team made their pre-announcement. It is clear that the Cardano team has successfully rallied some major hype around the project within the last few months.

The Alonzo Purple hardfork could not have come at a better time. The Cardano team is wise to release their smart contract capabilities now. Excitement seems to be flooding back into cryptocurrency, as we work our way out of the mini-bear market of the last few months. It would appear that the Cardano team is capitalizing on this perfect storm that has been developing within the cryptocurrency community. The current hype surrounding Cardano is similar to the recent hype we have seen around Ethereum.

Cardano is one of the most well designed and rigorously tested cryptocurrencies ever created. Between Cardano’s listing on greyscale trust and now allowing smart contract capabilities, it is apparent that Cardano’s founder and co-creator of Ethereum Charles Hoskinson truly created a gem!

If you liked this article, check out:

Cardano (ADA) on Grayscale!

Ethereum vs. Cardano

Bitcoin Taproot Upgrade

Killer Whale Crypto