ADA price has charted yet another all-time high at $2.64, potentially go to $10 at bull run peak
Cardano’s impressive performance continues as the ADA price has hit a new all-time high at $2.64, as Bitcoin stands above $49,000.
ADA price sets new all-time high as Bitcoin reclaims $49,000
After a sharp retracement below $49,000, as AZCoin News reported, Bitcoin recovered and regained that particular level. Most altcoins have stalled since yesterday, except for Cardano. ADA made a new all-time high at $2.64. At the time of writing, ADA is changing hands at $2.61.
ADA/USD 4-hour chart | Source: TradingView
The alternative coins were all covered in green yesterday with impressive gains across the charts. Ethereum briefly exceeded $3,300 but has retraced slightly since then and currently sits below that level. Regarding records against the dollar, ADA is 160% up since the July 20th market correction when it dipped below $1.
Recently, Cardano has had very prominent developments. According to the most recent academic paper published by Cardano developer IOG, the earliest experimental iterations of the Djed stablecoin have already been deployed to six mainstream testnet environments.
According to the blog post published on Input Output’s official website, IOG, Emurgo, and Ergo have joined forces to create an algorithmic stablecoin protocol called Djed.
Today saw the publication of an important new paper tackling these challenges. Find out more about this new breakthrough protocol that behaves like an autonomous bank 2/2 https://t.co/BH1A7EEHeo
— Input Output (@InputOutputHK) August 18, 2021
IOG promotes Djed as a first-ever “formally verified” stablecoin. All its properties are proven by mathematical theorems: price fluctuations limits, peg robustness, reserves protection, and so on. As Cardano approaches its smart contract release, the implementation of Minimal Djed in Cardano’s Plutus has been completed.
Elsewhere, the crypto analyst who is the host of crypto-focused YouTube channel Thinking Crypto said that ADA is flexing its pump muscles right now.
“Cardano (ADA) is flexing its pump muscles right now. Could potentially go to $10 at bull run peak”, Thinking Crypto tweeted.
One of those who believe that ADA’s current bull ran has serious staying power is Dan Gambardello, founder of Crypto Capital Venture, who believes that ADA – despite having increased in value 1.390% so far in 2021 – is still undervalued at these levels.
At present, based on the price momentum and growth of Cardano, it can be predicted that in the next crypto bull cycle, the ADA market capitalization will surpass all contract platforms through other blockchains (including Ethereum).