Cardano’s native token, ADA, grew almost 20% on Friday and exceeded USD 2. In the last month, growth has reached 65%, and investors’ expectations are promising. Charles Hoskinson, founder of the network, will announce in the coming days when the Alonzo hard fork will be implemented on the blockchain to bring you smart contracts, which could further skyrocket its price.
As experts have explained, smart contracts will allow Cardano to compete with Ethereum and other decentralized finance (DeFi) projects. A few months ago, Hoskinson himself gave some previews of the network update and ventured to say that it will host about 100 companies that currently operate on the Ethereum network.
The Cardano update took longer than expected, but the network’s founder himself clarified earlier this year that it would be a necessary delay to perfect the network.
Hoskinson is also the CEO of Input Output Hong Kong (IOHK), one of the companies working on Cardano, and from where they have revealed that the Alonzo Purple testnet has already started to onboard new users.
Lark Davis, a popular crypto analyst, suggested in recent hours that the update is a “very optimistic catalyst “, so the price of ADA could grow in the coming weeks. The main “battle” in terms of capitalization will be with ETH; to achieve this, ADA has to reach a price of USD 12, that is, 6 times its current value.