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13.08.2021
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On Friday, August 13, the Cardano rate on the Binance crypto exchange exceeded $2 for the first time since May 19. Cryptocurrency is steadily getting more expensive: over the past three weeks, its quotes have doubled, including over the past day — by 16%. The asset rose to third place in the list of the largest cryptocurrencies by capitalization, ahead of USDT from Tether and Binance Coin. Cardano's market valuation was $65 billion, according to CoinGecko.
Two days ago, the founder of the project, Charles Hoskinson, announcedthat he would soon reveal the launch date of smart contracts on the network. After the update called Alonzo, it will be possible to deploy decentralized finance (DeFi) applications on the blockchain.
This event was the main driver of Cardano's value growth, the senior analyst explained Bestchange.ru Nikita Zuborev. According to him, the introduction of smart contracts in the future will lead to an increase in the popularity of the project's blockchain as an alternative to existing platforms.
Serious growth of the coin immediately after the launch of the update is not expected, the expert warned. According to him, all the positive results from the event will already be included in the token price by that time.
"According to our estimates, the hype around the token will continue in the coming days. But it should be understood that in the very near future, investors may need a respite, which before continuing growth will provoke consolidation at current levels or below, " Zuborev predicted.
He pointed to the RSI indicator (an indicator of relative strength that allows you to assess who — buyers or sellers — had a greater influence on the price over the selected period), which Cardano has in the overbought zone. This means that the price can turn down at any time, triggering a short-term correction.
It is expected that smart contracts will appear on the Cardano network in September 2021, added Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. In his opinion, after the announcement of the exact date and up to the launch of smart contracts, the altcoin rate has a chance to grow significantly. The expert stressed that the asset shows positive dynamics not only due to news about the project itself, but also reacting to the general rise of the crypto market.
On August 11, the bitcoin exchange rate for the first time since mid-May reached $46.7 thousand, today it is $46.4 thousand. Over the past month, the cryptocurrency has risen in price by more than 50%, but many altcoins, including Cardano, have outperformed it in terms of profitability.
Head of Data Analysis Department CEX.IO Broker Yuri Mazur noted that market participants have long been waiting for positive news from the creators of Cardano. The expert believes that the altcoin will remain bullish. At the same time, the expert predicts that the asset's growth will be limited to the level of $2.5, that is, 25% higher than the current values.
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