Cardano price spiked more than 17% on the cusp of the much-anticipated Alonzo hard fork

Cardano price has spiked more than 17% on the Binance exchange, reaching an intraday high of $2.78. This gain has covered a 6% loss over its past seven-day period.

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ADA/USD 4-hour chart | Source: TradingView

Cardano price soars 17% ahead of smart contract launch

The price action of the leading proof-of-stake chain’s local currency is being driven by a surge in anticipation surrounding the upcoming Alonzo upgrade, which will bring smart contracts to the network. The event will occur on September 12 after months of anticipation within the cryptocurrency community.

During a live stream, IOG CEO Charles Hoskinson opined that the recent ADA price drop was not related to the concurrency controversy, rebuffing media reports that claim otherwise.

“The market collapsed, and proportionally everything collapsed together. There was no case when everything was green and one thing went down, and that thing went down because we somehow failed to deliver something”, the billionaire attributes the decline to the broader cryptocurrency market correction.

On September 7,  ADA briefly tanked by nearly 30% to its lowest level since August 19 during a major market sell-off. Cardano was subjected to an onslaught of attacks on social media following the bumpy launch of multi-pool decentralized exchange Minswap.

During a live stream, IOG CEO Charles Hoskinson asserted that the recent ADA price drop was unrelated to the controversy at the same time, dismissing media reports claiming otherwise. At the present time, users are starting to complain about not being able to perform basic operations on the platform due to an error associated with the blockchain’s eUTxO accounting model. Many people come to the early conclusion that the network is only capable of processing one transaction per block, which is completely wrong.

Currently, Cardano developers are working on different scaling solutions for dApps on the network. Hoskinson also emphasized that the mainnet will gain more capabilities through a series of periodic upgrades. Hoskinson also slammed the cryptocurrency industry for being viciously polarizing and inhumane for instantly branding those who make mistakes as a criminal or a psychological liar.

He expressed his frustration with some members of the Bitcoin community who are still convinced that Cardano is a scam. Hoskinson said that smart contracts could be tremendously beneficial for the Bitcoin ecosystem as well as other projects.

ADA has bounced off the level of $2.4 and is about to reach $2.8 soon. However, the growth is not supported by a high trading volume, which means that traders are accumulating power for a further price blast. If the daily candle closes above yesterday’s high, ADA may get to $2.831 within the next few days. ADA is trading at $2.7 at press time.

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