The monster wins for Cardano over the past two weeks have resulted in ADA gaining 80% in value over that period. ADA reached a price of USD 2.56 in the early hours of the morning, thus reaching a new all-time high.
Since then, bears have stepped in to lower the price before finding support at $ 2.45. The remainder of the day sees ADA trading in a tight range. Most importantly, he manages to hold on to most of his recent profits.
Source: ADAUSD on TradingView.com
With Alonzo approaching its launch, it seems like buyers are lining up in anticipation of more profits. Developers Input Output Global (IOG) has specified September 12th for the delivery of Alonzo.
Cardano’s all-time high so far was hit in mid-May when ADA hit $ 2.50.
All right for Cardano
This week’s performance was particularly encouraging for Cardano investors. While the majority of the rest of the market collapsed to $ 48,000 along with the rejection of Bitcoin, Cardano posted gains.
Bitcoin’s revival mid-week resulted in a return of the uptrend across the market, but this only accelerated Cardano’s already buoyant buying activity.
At the time of writing, BTC is again eyeing the USD 48,000 resistance level.
Due to the strong development of Cardano, the market capitalization reaches $ 82.6 billion. While Binance Coin has also seen positive gains lately, it hasn’t been in the same degree as Cardano.
Currently, ADA’s total market cap is just under $ 10 billion higher than BNB’s, which puts ADA in third place on CoinMarketCap.
As much as this is a huge accomplishment in itself, Cardano is still roughly $ 300 billion behind Ethereum. However, with the upcoming introduction of smart contracts, analysts expect this gap to narrow in the future.
Novogratz says nobody is developing Cardano
In the past, critics have blown up Cardano as a vape commodity, accusing it of being a ghost chain.
With that in mind, Galaxy Digital CEO Mike Novogratz said this week, based on conversations with people he knows, developers are avoiding the Cardano platform.
IOG CEO Charles Hoskinson reacted in a good mood. He invited the community to come back every August 15 (when Novogratz made the comment) as a “Mike check-in day” and presumably compare the number of projects running in the chain.
Commenting on what’s going on in the Cardano ecosystem, Tim Harrison, Director of Communication at IOG, took the opportunity to tweet about the ambition of what the company is trying to achieve. In addition, few know the extent of what is going on in the background.
“I think what a lot of people don’t understand #Cardano is the extent of our ambition. And our absolute determination to make it happen. But who knows, knows. “
Fast forward to the Alonzo becomes an exciting time for owners. But what’s even more exciting is what lies ahead when the ecosystem develops.
