With exciting improvements on the Cardano blockchain, ADA made gains of over 46% in the last week. Read on to find out the latest Cardano developments and where to buy ADA
Cardano has often been dubbed the “Ethereum killer”, and with exciting recent developments on its blockchain, it’s starting to look like it might live up to its moniker.
There is a lot of hype around the project at the moment and if you want to know why, keep reading to find out what Cardano is and where you can buy ADA.
How & where to buy Cardano in the UK and elsewhere
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What is Cardano and why is it pumping?
Cardano is a Proof of Stake blockchain platform created by Ethereum co-founder Charles Hoskinson. The project incorporates innovative technologies and focuses on peer-reviewed research and evidence-based methods. The native ADA token is used as a means of value exchange and for staking on the network.
On Tuesday, Hoskinson provided an update on the project in which he said the date of the upcoming Alonzo hard fork (which will bring smart contracts to Cardano) would be announced today, while adding that it would be before the Cardano Summit in September.
ADA rallied to a two-month high of $1.74 on the day of Hoskinson’s update. It is now up more than 46% in the last seven days and broke past resistance at $2 today for the first time since May. The rally even saw Cardano overtake Binance Coin and Tether to become the third-largest cryptocurrency by market cap this morning, according to CoinGecko.
Should I buy ADA today?
The latest developments on the Cardano blockchain could make this great time to buy ADA. Ethereum is in the process of transitioning to Proof of Stake, which should solve its problems of congestion and high gas costs. But it sounds like Cardano will achieve smart contract functionality before Ethereum moves to Proof of Stake.
This could potentially mean an influx of Ethereum-based applications and other projects wanting to build on Cardano. As the main means of value exchange on the blockchain and the token that will power future Cardano-based apps and services, demand for ADA could skyrocket in the coming months, driving up the token’s price.
Econ 101 – Supply and Demand
— Card₳no Dan 🇺🇸 🇯🇵 🇪🇹 🇹🇿 🌑 ADA (@CardanoDan) August 13, 2021
ADA price prediction
With the relative strength index (RSI) showing ADA to be highly overbought on the daily chart, we could see some consolidation in the short term while the bulls gather their strength to push higher. The obvious target for ADA price will then be its all-time high around $2.50, after which, rising demand could see the token test $3 before the end of this year.