ADA sets new all-time record, breaking $3 mark
Cardano's ADA token has set a new all-time high of $3.10, reaching a market cap of $99.6 billion.
Today, the Cardano token is not only firmly entrenched in the top three on CoinMarketCap but is also showing a strong uptrend, trading above its 34-period exponential moving average. Now it does not even have tangible resistance levels and it is rushing forward along with the uptrend, gaining momentum from the $1.20 mark set a month ago.
Watching the rise in the price of ADA, the capitalization of the Cardano blockchain also did not stand aside, coming close to the key $100 billion mark. The current turnover exceeds $32.15 billion tokens, while the maximum turnover is 45 billion ADA or more than $136 billion dollars with a full emission of coins.
Those who previously made bets not in favor of ADA lost a lot of money in the bidding. ADA short liquidations totaled more than $5 million when the coin surged in value more than 10% in a couple of hours. Of this amount, about $1.25 million came from Binance traders, and another $800,000 came from Bybit traders.
Cardano is particularly popular in Singapore, as local investors consider ADA to be one of the most successful ways to invest personal money in the crypto industry. Here, the Cardano token is acquired along with Bitcoin, Ethereum, as well as the recent favorite of Singaporean investors Solana. ADA also recently made its debut in the Japanese cryptocurrency market, being “approved” for trading after many rigorous pre-listing checks, attracting the attention of millions of investors in that country.
But do not forget that, according to industry experts, the main reason for the explosive growth of ADA was the integration of smart contracts and the ability to create DeFi applications as part of the Alonzo hard fork, the deployment of which, in fact, began a couple of months ago.
Alonzo is the culmination of hard work on the most important update ever to the Cardano blockchain, the new era of Goguen, and will be fully operational on September 12, 2021. Therefore, many Cardano fans and the creator of the blockchain himself, Charles Hoskinson, predict a token value above $9 by the end of September. Currently, the ADA price on Huobi is $3.04.
Whether the optimistic forecast of the founder of ADA will come true and what the results of the September update will be, we will see in a month.
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