will Alonzo tech upgrade lead to break out move?
The price of Cardano (ADA), the third biggest cryptocurrency behind Bitcoin and Ethereum, could be poised to beat its own all-time highs by the end of the year, reaching $4 by the end of 2021.
That’s the view of some bigger players in the cryptocurrency markets, who are focused on Cardano’s long-awaited tech upgrade on Sunday September 12.
Cardano is now third biggest crypto
Cardano (ADA) is now the world’s third-largest crypto behind ‘scene stealers’ Bitcoin and Ethereum. Its price has increased by around 1668% during the year so far. This impressive momentum is set to gain further pace as we move towards the end of the year. Many investors expect Cardano to hit fresh all-time highs, reaching more than $4 by the end of 2021.
The expectation is that the upward trajectory of Cardano will be fueled by Sunday’s highly anticipated ‘Alonzo’ tech upgrade. This overhaul will allow smart contracts to be built on the network, making the Cardano blockchain even more attractive to even more users.
Upgrade will provide more smart contract utility
The major upgrade will give those who don’t necessarily have technical backgrounds the opportunity to create smart contracts. Smart contracts are pieces of code that allow individuals to enter financial agreements without the need for a centralised party.
There’s little doubt that smart contracts are going to revolutionise most sectors including finance, real estate, legal, healthcare, and gaming. And this is why Cardano is increasingly attractive for forward-thinking investors. There’s now a real sense among crypto advocates that Cardano is about to break out.
By launching smart contracts on Sunday, Cardano will further galvanise its growing position in the crypto market. On the back of this considerable upgrade, it can be expected to grab significant market share and, as a result, its price will continue its upward trajectory for the rest of 2021 and beyond.”
Massive investor interest in altcoins
Research from UK-based money app Ziglu has indicated that nearly 70% of UK adults now own altcoins – cryptocurrencies that are not Bitcoin. And over 60% of UK investors are planning to load up on further altcoins in the next 12 months. A frenzy of enthusiasm currently exists for altcoins in the UK investing community.
Of these, 15% are currently owning Cardano.
“There is no doubt that altcoins are becoming a lot more popular,” noted Mark Hipperson, CEO of Ziglu. “We offer a curated range of cryptocurrencies, and at the end of last year almost half of purchases on our platform were to buy Bitcoin. In August, well over four-fifths of the amount of cryptocurrency purchased were altcoins. A number of altcoins have enjoyed dramatic growth that has surpassed that of Bitcoin and this has increased their profile. Ethereum and Cardano have increased in value by over 300% and 1,200% over the course of 2021, compared to growth of over 50% for Bitcoin.”
The sheer size of these returns go a long way to support the bullish view of cryptocurrency for many UK investors.
In related news, crypto index provider CF Benchmarks announced it is launching Benchmark indices for Cardano, powered by the first demonstrably secure proof-of-stake network Ouroboros, and Filecoin, the currency for incentivising the provision of and paying for the use of decentralised storage.