- There is a lot of optimism surrounding Cardano’s smart contracts feature launch.
- Hoskinson mentioned in an interview that the Alonzo mainnet will launch as planned.
- ADA climbed by 30% soon after his comments.
Recently, many altcoins have lost value in the crypto market. These include ADA, Cardano’s native coin. Still, optimism remains high for the 4th largest crypto.
Hard to believe, right? Wrong. Yes, it may be true that the crypto market lost a lot of its value recently, but most people believe that this may have been caused by a due market correction. And notwithstanding that, ADA’s bullish predictions have more to do with the high excitement surrounding its smart contracts feature launch.
It’s just hard not to hope that ADA will follow its price trajectory from summer 2020 this season too when it rose in value by almost 550% in just 4 months.
What’s firing these hopes is the well-anticipated Alonzo mainnet launch expected in summer and recent comments by co-founder Charles Hoskinson. He noted in a recent interview that the planned hard fork will launch as planned with a late July or early August release. To that end, the first Alonzo testnet just went live yesterday.
The tech entrepreneur was careful to try and manage the community’s expectations. However, ADA still climbed higher by 30% soon after.
Aptly named the ‘holy grail of utility’ by Hoskinson, smart contracts will take the experience of decentralized records to the next level. This is expected to revolutionize the way Cardano operates.
Keeping this in mind, it seems fair to expect that Cardano might be looking at many more ATHs, higher than its previous ones. Even so, only time will tell if ADA will survive another price correction on part of Bitcoin and Ethereum.