By Lucas Williams
Cardano (ADA), the 3rd-largest crypto by market cap, prints a new record high at $2.97, nearing the $3 level earlier on Tuesday. With the recent actions, the asset broke past its previous week’s ATH of $2.49.
Cardano has seen upside price moves since last week. Such actions followed multiple on-chain developments and the news about the network’s awaited Alonzo update.
ADA’s value started climbing at the initial sessions of August from $1.36. That altcoin managed to increase its total value by over double in three weeks. Cardano gained more than 40% over last week as the network nears the most-awaited upgrade.
The Alonzo fork, scheduled for 12 September, will integrate smart contracts to the network, creating a DeFi and DApps new era. Also, that will promote Cardano’s objectives to compete with platforms such as Polkadot and Ethereum. After the anticipated update, the Cardano platform will experience another eon of a decentralized marketplace.
The Alonzo upgrade had a similar effect to Ethereum’s London upgrade. Without any possible limit and most cryptocurrencies trying to retest their highest highs, Cardano (ADA) has chances to break more upside records.
ADA Social Media Mentions Surge
Cardano has a massive social media footprint and community that uptick as the asset attains new highs. Santiment data shows ADA’s social media mentions increasing and might outperform BTC in the upcoming sessions.
For now, the alternative coin targets $3. Keep in mind that any move above this mark translates to a new record high. Also, the asset outpaced BNB, ranking 3rd by market capitalization as its value nears $100 billion. As we await the Alonzo update, ADA can take this chance to utilize the “Ethereum Killer” nickname.
Meanwhile, most digital coins slow down their recent bullish runs. For example, BTC surged to sit over $50,000 but lost ground to hover at $49,000. Also, Ethereum bulls appear to lose the fight to clear the $3,400 barrier.
On other alt news, Terra remains high, recording double-digit surges on Tuesday as the Asian sessions were ending. That comes as its LUNA token tops the investors’ ‘best’ list. The token trades at $33 as bulls target $40.
Is there anything to limit Cardano’s upside moves? You can comment below.