The ADA token has now recovered from its low prices and hit $2 today. The price of Cardano’s ADA hit $2 after climbing 50% over the past week.
According to CoinMarketCap data, ADA is trading at $2.05, with its 7-day increase dropping at 45.54%. The $2.07 price point marks ADA’s highest point since May 18 since crypto prices began to recede due to China’s crackdown.
Also worthy of note is Cardano’s upcoming tech upgrade announcements, including some for the blockchain’s smart contract.
Popular trader Lark Davis is optimistic about a possible ADA spike caused by the tech upgrade. According to Davis, the forthcoming development is a “very bullish catalyst”. Davis predicts that the smart contract feature could cause ADA to rise “several hundred percent”, specifying that a “mere 6X” could put ADA at Ethereum’s market cap.
“Maybe one day Cardano will 50X, but it is not super likely across short time frames considering the market cap.”
Back in July, Kryptomoney reported that $31 billion worth of ADA was staked ahead of the Alonzo smart contract hardfork. Cardano network tracking site CardanoPool had revealed that more than 71% of the total ADA supply, about $31.7 billion, was already staked.
According to the Cardano Roadmap, Cardano may be up to 100 times more decentralized than other major blockchain networks when the Shelley era ends.
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