• Over 100 smart contracts went live on the Ethereum-killer blockchain network within 24 hours of Alonzo Hard Fork launch.
  • Popular cryptocurrency analysts expect the Cardano blockchain to follow in Ethereum's footsteps and a bullish outlook on ADA.
  • One of the biggest proof-of-stake blockchain networks, Cardano teases new partnerships in the pipeline.

Cardano has emerged as one of the projects with the largest Git commits over the past year. The blockchain network is gearing up to power more smart contract applications and emulate the success of Ethereum.

Faster development and exciting partnerships to push Cardano price higher

Alonzo Hard Fork's successful completion on September 12 marked the arrival of smart contracts on the Cardano blockchain. A feat that was considered unattainable by a vast majority of the crypto community. 

Polymarket, a global information market platform, lost $50,000 to Charles Hoskinson, founder of Cardano since the platform had bet against the arrival of smart contracts on the network until October 1, 2021. 

Cardano believers who bet in favor of smart contract launch showed conviction in Input Output Hong Kong (IOHK), the company behind the blockchain network and Hoskinson, won over $1 million with the arrival of smart contracts on the Ethereum-rival network.

When the smart contract functionality went live on the Cardano blockchain, over 100 projects were added in a single day. 

In a recent tweet, Sidney Vollmer, Cardano's Head of Brand and Communications, teased that the partnerships that the blockchain network has lined up in the Cardano Summit 2021 event will blow people's minds. 

Based on a research report compiled by Outlier Ventures, a Venture Capital firm based in London, Cardano is one of the most developed projects (from a sample of 50) in the cryptocurrency ecosystem over two years. 

The report correlates strong development activity and a higher number of commits with higher chances of success. Cardano has over 700 commits per month, up 24% from the previous year, against Ethereum's year-on-year growth of 10.5%. 

Benjamin Cowen, a leading cryptocurrency analyst and trader, states that Cardano is currently in the accumulation phase between $1 and $3. Cowen believes that a large percentage of Ethereum's market capitalization comes from NFTs, DeFi applications and dApps. 

Cowen argues, 

Cardano does not really have that effect yet. It does not have that same level of network effect now...I do think that Cardano will grow with time, and I do think that as more utility is actually built out on the platform, that this will have a positive impact on the price.

FXStreet analysts predict that if ADA price remains above the crucial level of $2.2, the altcoin is ready to breakout. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fresh lows for crypto markets in sight as recovery gains come undone

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fresh lows for crypto markets in sight as recovery gains come undone

Bitcoin price faced an intense sell-off as it approached the recent weekly open, indicating that investors are looking to book profits. This downswing has caused Ethereum, Ripple and other altcoins to take a dip as well.

More Bitcoin News

This technical formation could push TRON’s TRX price to $0.016

This technical formation could push TRON’s TRX price to $0.016

TRON price shows that its coil up is coming to an end, suggesting that a breakout is on its way. However, investors need to know that rejection at immediate resistance barriers could trigger a correction and an eventual breakdown.

More Tron News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Three obstacles that may prevent XRP price from surging

Three obstacles that may prevent XRP price from surging

A brief technical and on-chain analysis on Ripple price. Here, FXStreet's analysts evaluate where XRP could be heading next.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP