Cardano Rebounds 15% as Alonzo Launch Gains Traction
Cardano has recovered by more than 15 percent following the launch of its smart contract platform, Alonzo, and series of positive developments, despite fears of a Memorial day dip.
Cardano Recovers After Testnet Launch
Cardano’s price (ADA) recovered by 15% on Monday morning to reach US$1.68, overtaking Binance Coin to make it the fourth-largest coin by market capitalization.
The first phase of the Alonzo testnet — Alonzo Blue — launched on Friday, May 28th, but has only just begun to garner media attention, as its scheduled second and third phases remain in incubation.
After recording an all time high of $2.16 per token on May 16, Cardano would lose more than 55 percent of its value over the following week. More losses would follow as the crypto market unwound after what had been a refreshing bull run in the early stages of 2021.
Since closing at $1.38 per ADA token on Saturday, Cardano has surged more than 20 per cent, in response to a series of positive developments, including Charles Hoskinson’s interviews and public support from top crypto analysts.
Cardano Rises after Growing Backings
Since its smart contract testnet launch, the Cardano conversation has become a thing – a breathing living thing, weaving itself into several discussions, including that of a Memorial day sell off.
Its founder (and also Ethereum co-founder) Charles Hoskinson discussed the future of the token after the Alonzo phases are completed. Hoskinson believes conversations around crypto tokens would soon shift to scalability and environmental friendliness in the near future, if they hadn’t already.
Cardano ADA is intent on being “future-proof”, according to its founder, as Hoskinson touts the Cardano blockchain processing billions of transactions per year. And more.
“We’re gonna get it done as an industry,” he said in his interview. “We’re all neck-and-neck, building those amazing engines that are going to process billions of transactions every year, if not more, containing collectively trillions of dollars of value. We’re future-proofing programmable finance...It is inevitable. This is a reality.”
Hoskinson’s statements might not be the only factor driving Cardano’s price. Cardano backers are becoming more vocal following its testnet launch, like top crypto analysts Benjamin Dowell and Lark Davis, to name a few.
Cowen admitted that although he has significant investments in Bitcoin and Ethereum for “risk-management”, there was no denying Cardano’s run and its interesting future prospects. In the same way, Lark has declared he is “super bullish” on Cardano, Cowen has dubbed the rising token as the “racehorse” of the present crypto market cycle. Cardano’s hardfork and switch to mainnet are expected to be completed by September.
The Cardano (ADA) token trades at $1.67 at press time.
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