2021-08-06 15:14:10

Will Cardano’s upcoming smart contract update be a game-changer, and should you invest?

On July 30, Cardano ADA/USD founder Charles Hoskinson updated the community on the upcoming updates to the Cardano blockchain. On the stream, he spoke about the requirements needed for the updated fork and mentioned that a lot of work would be required. The good reassurance we saw from this is the fact that Hoskinson mentioned that the team is on schedule and that things are moving along.

The upcoming smart contract update as a catalyst for growth

The pseudonymous head of Coin Bureau, who goes by the name of “Guy” recently on August 5, mentioned that he expects the next few weeks to be exciting for Cardano. The smart contract functionality update could be one of the most important developments in the industry. 

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He predicts that ADA has the potential of reaching $4 to $5 by the end of the year and that this is just the beginning for ADA. To see if ADA is a worthwhile investment now, we will be going over a price analysis.

Should you invest in Cardano (ADA)?

On August 6, Cardano (ADA) had a value of $1.37.

As a point of comparison, it achieved its all-time high value of $2.45 on May 16. This means that throughout the span of May to August, it dropped in value by 44%. 

However, in order to get a better perspective of its more recent performance, we will be going over its performance in July.

One of its highest points was on July 4 where it got a value of $1.46, and the lowest point was on July 20 where it dropped to $1.02. So, from its highest value in July it dropped by just 6%, and it has risen by 34% from its lowest point of value throughout the month. According to data from IntoTheBlock, Cardano (ADA) saw $12.74 billion in transactions greater than $100.000 in the last 7 days. This signals that there is a high level of activity on the blockchain and that there is demand for the token.

As this demand grows, and as the update starts rolling out, we can see the price of ADA go up as a lot more people gain interest in the smart contracts and we see the token get bought by a lot of investors. That being the case, at its current $1.37 price point it is a worthwhile investment as it is expected for it to rise to $2 when the update rolls out, and it even has genuine potential to climb to $4 by the end of the year according to experts.

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