Should you invest in Cardano after the successful hard fork launch?

on Sep 14, 2021
  • Cardano completed its Alonzo hard fork.
  • This introduced Plutus-powered Cardano scripts.
  • Once developers create a dApp ecosystem, the price of ADA can grow.

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Cardano ADA/USD an open-source and decentralized blockchain platform, with consensus achieved through the usage of Proof-of-Stake (PoS). It successfully launched smart contracts after their hard fork.

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Cardano was founded by Ethereum’s co-founder Charles Hoskinson and developed by his research firm, Input Output (IOHK).

The hard fork as a catalyst for growth

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On September 2, we covered the potential an official Alonzo hard fork had when it came to the overall network. 

On September 12, Input Output (IOHK) officially posted on Twitter that they deployed the Alonzo upgrade at the epoch rollover and welcomed us at the start of a new era for Cardano (ADA).

Alongside the celebration of such a milestone, Cardano also noted that it is still in the early days of the project, and according to a blog post, this is when the mission truly begins.

This Alonzo hard fork enables smart contracts to be written for Cardano through the usage of Plutus scripts.

The team describes it as a purpose-built smart contract development language as well as an execution platform that uses the functional programming language known as Haskell.

Should you invest in Cardano (ADA)?

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On September 14, Cardano (ADA) had a value of $2.40.

To get a better perspective of what kind of value point this is and how much potential for growth the token actually has, we will be going over its all-time high value and will compare it to its recent performance.

The all-time high value of Cardano (ADA) was $3.09 and was achieved on September 2. This makes the all-time high value $0.69 higher or 28% higher than the value the token had on September 14.

ADA’s lowest point was on August 3, where the value fell to $1.27. However, its highest point was on August 24 where the token raised its value to $2.95. Here, we can see that the token climbed $1.68 in value or 132%.

According to data from IntoTheBlock, Cardano (ADA) saw $94.54 billion in transactions greater than $100,000 in the last seven days.

Additionally, the network saw a 30-day average of 2.22 million addresses, with the high at 2.29 million and the low at 2.09 million.

With the successful Alonzo hard fork as well as the launch of smart contracts on the Cardano network, the ADA token has huge potential for growth going forward.

This will ultimately be dependent on how quickly developers jump on the smart contracts and push their dApps on Cardano. 

The expectations need to be realistically managed, and we might not see a sophisticated ecosystem of dApps available at an instant; however, as the network grows, so will the price of its token.

In fact, if we take August’s growth into perspective, we can assume that the token might grow to $4.08 by the end of September, making it a worthwhile investment.

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