Cardano Share Price Breaks Through $3 Mark After the Launch of Alonzo Test Net
Cardano has been the coin of the moment lately. But it’s not just Cardano’s share price that’s on the rise. As Coinshares reported, Cardano investment products saw their highest inflows ever last week. CoinShares’ Digital Asset Fund Flows Weekly Report is “a brief overview of inflows and outflows in popular ETPs, mutual funds and OTC trusts related to bitcoin, ether and other digital assets.”
The Cardano price breaks through the $3 mark after the start of the Alonzo test net and reaches a new all-time high of $3.09 for the time being. The final update will go live on September 12th. Other cryptocurrencies are also in the dark green.
For a long time, people waited for Cardano to implement smart contracts. After this was postponed several times, the developers are currently fully on schedule. Thus, a postponement of the final Alonzo update to September 17th is probably no longer on the cards.
Cardano (ADA) could double its value in the last weeks. Analysts considered an increase to up to 5 USD realistic until the Alonzo update is finally through. By implementing smart contracts, Cardano has real utility after all these years outside of simple transactions. This could also put Ethereum, the world’s second-largest cryptocurrency, in a bind.
Cardano’s market capitalization is now at $99 billion after the rise in Cardano’s price and could soon reach triple-digit billions for the first time in ADA history.
Read more about Cardano price and find other important business news with our companion app Born2Invest, available for free for both Android and iOS devices.
Cardano with record inflows
Along with Solana (SOL), Cardano has been the coin of the moment lately. But it’s not just Cardano’s share price that’s on the rise. As Coinshares reported, Cardano investment products saw their highest inflows ever last week.
CoinShares’ Digital Asset Fund Flows Weekly Report is “a brief overview of inflows and outflows in popular ETPs, mutual funds and OTC trusts related to bitcoin, ether and other digital assets.”
For example, according to the report, there were outflows worth $3.8 million in bitcoin, while Cardano saw inflows of $10.1 million, the largest ever recorded.
Hoskinson answers critics
Meanwhile, the partnership between Cardano and Coinfirm caused criticism in recent days. Coin Bureau and Weiss Crypto in particular had called the move disappointing.
Hoskinson explained in a video that compliance tools are important to him, as regulated companies need to ensure these in their own space. However, none of this would have an impact on Cardano’s decentralization. Hoskinson further added:
“It is open-source software that is fully decentralized. It’s in a GitHub repository at any given time. Anyone can fork that and run it with their own brand, their own logo, and their own reputation beyond that. It’s not proprietary in any way.”
All of this is important because DeFi products will have to comply with stricter regulations in the near future, Hoskinson added.
Ethereum and Bitcoin also rise sharply
Meanwhile, bitcoin (BTC) recovered from its minor setback to below $47,000 and is currently battling back at the $50,000 mark. Today’s high represents $49,850, while Ethereum also posted a strong rise in the last 24 hours.
We had already reported that the Ethereum price could reach $4,000 soon. Ethereum’s all-time high is only marginally higher at $4,362. Whether Ethereum will reach a new all-time high in this bull run just like Solana (SOL) or Cardano (ADA) remains to be seen, but it is not very unlikely.
(Featured image by Executium via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Fintech Companies in Colombia Have Seen Significant Growth
Regarding financial inclusion in Colombia, Liza Villabona, vice president of digital transformation at Crezcamos, believes that informal credit continues to...
Infinityhub Launches Crowdfunding Campaigns to Finance Redevelopment of Student Housing in Naples
YCare Napoli-Porta Nolana, a project of InfinityHub and ICS House, has launched a simultaneous equity crowdfunding campaign on Ecomill and...
Inditex Studies the Creation of a Sustainable Fund to Invest in Startups
Following the elimination of plastic bags in its stores, Inditex began charging for paper bags and envelopes in 2021 with...
Don’t Get Scammed on Flippa — Here’s What to Look Out For
If you’ve seen the name Flippa, then you’ve probably also seen the word scam next to it. But is the...
Can Blockchain Games Provide Sustainable Income?
While the concept of earning a living by playing blockchain games is still in its infancy, industry experts remain optimistic...
Cannabis2 weeks ago
Where Do Cannabis Users Buy Cannabis From: New Frontier Data Study
Featured4 days ago
This Was One of the Narrowest Based Stock Market Rallies We’ve Ever Seen
Biotech1 week ago
Netpharmalab Reaches €3 Million in 2022 and Anticipates a 16% Increase in 2023
Cannabis2 days ago
Cannabis Industry Trends in 2023 – How Are Cannabis Consumers Evolving?