Coming Cardano (ADA) Update Could Drive ADA to $5 – Here’s Why
Popular strategist Mike Jenkins from crypto channel Coin Bureau shares with his subscribers about the upcoming Cardano (ADA) update and how impactful it is going to be for the project.
“Cardano’s upcoming smart contract update could become one of the most important developments this industry has seen to date…Cardano’s smart contract capabilities have been in the works for years, and it looks like we could be in the final stretch of this revolutionary rollout.”
The trader recites the last milestones of Cardano over the past several months. In March, Coinbase finally listed ADA, had the first update of the Goguen era and dubbed the “Mary” hard fork. In April, IOHK secured a partnership with the Ethiopian government. Also in April, The University Of Wyoming started staking ADA for extra income.
In May, ADA was added to the Revolut mobile banking app. In June, ADA becomes available for lending and borrowing on Nexo. In July, ADA was added to Grayscale’s Digital Large Asset Trust.
Now, Jenkins says that Cardano is gearing up to complete its next update phase, called “Alonzo,” which will officially introduce smart contacts. Alonzo is expected to live as soon as late August or early September.
“The good news is that Alonzo is advancing right on schedule. Given that Charles announced the beginning of Alonzo at the end of May, the 90-day timeline by IOHK suggests the end of August is possible.”
ADA Price Analysis
According to the analyst, Cardano’s large community and the fact that early investors were fully vested long ago are signs of the ADA’s strength.
He expected ADA to reach 4-5 dollars by the end of the year, assuming Bitcoin sees another slingshot to the upside in September or October which is likely.
Despite the optimism, the crypto KOL still concerns that there is not seem to be a comprehensive list of crypto projects that will be deploying on the Cardano blockchain. Moreover, the network also lacks cross-chain bridges with other key cryptocurrency blockchains.