Cardano Alonzo Upgrade News Pushes Price Up By 16%

Cardano Alonzo Upgrade promises new features, and this pushes up the price of ADA. The upgrade will add more functionality to Cardano, which has been expected for so long.

Cardano Alonzo Upgrade

Cardano will finally be capable of running smart contracts with the Alonzo upgrade. There was a lot of rumor about whether Cardano will support smart contracts soon or not. Some skeptics even bet that Cardano will support a smart contract till 21 October or not. Those rumors finally have settled down with the data announcement of the upgrade.

Before the date announcement, Charles Hoskinson announced that they will upgrade the Cardano to be compatible with smart contracts before the conference. As Hoskinson said, “the incomplete protocol” will be upgraded, and “it is damn good to see that coming.” 

In the Twitter post shared by the Input Output, the exact date of the Cardano Alonzo upgrade has been announced. Cardano will upgrade the protocol on 12 September 2021. Nigel Hemsley, head of delivery at Cardano spoke mouthful about the Alonzo upgrade and mentioned that engineering and the test teams are working hard to make sure that everything is ready for the hard fork. He mentioned that the DB-Sync, Cardano wallet, Rosetta API, Graph QL, and Explorer have been done so far in development.

Till September, they will work on the test and the Mainnet and Daedalus wallet as well. On 1st September, the Cardano testnet will be hard forked. Before forking the Mainnet, there will be detailed tests on the testnet. All this hard work leads to the Mainnet hard fork- Alonzo upgrade on September 1st.

The upgrade is expected to be the main event for the Cardano community. With the update, Cardano will support smart contacts, DeFi, and finally, the dominancy of Ethereum on the non-fungible tokens can change. It is said that the ERC20 token can be leveraged on the Cardano blockchain.

Considering the news above, Cardano will take a huge step toward innovation and this affected the price and the market capitalization of Cardano (ADA).

Price Spiked after Alonzo Upgrade Announcement

The huge announcement cannot go away without a significant price increase of ADA. ADA is the cryptocurrency of the Cardano blockchain. Since the announcement, the price of ADA has elevated and rose more than 16%. Currently, the price of ADA is 2.16 USD, and analysts say the price will increase more with the successful launch of the Alonzo upgrade. As it has been seen from the price graph, ADA almost reached the previous price level.

The price increase caused market capitalization to rise as well. ADA takeover the 3rd place from Binance coin BNB. The market capitalization increased to $68.4 billion surpassing BNB, which has $67.6 billion. However, it is hard to reach Ethereum because of the huge difference between them.