- Cardano is currently witnessing its biggest positive weekly return since the project’s inception. It reached a very high price point of $ 0.70 with an increase close to 97%.
Cardano is currently witnessing its biggest positive weekly return since the project’s inception. It reached a very high price point of $ 0.70 with an increase close to 97%.
The asset, currently sold at a price of $ 0.638, continues to move upwards. While the crypto world has changed drastically since 2017, is Cardano looking for a potential long-term stay in the top 10 rankings?
IOHK announces major Cardano update
With the price rising strongly last week, the Input Output (IOHK) team recently announced that its current update “Goguen Mary” will allow Cardano users to create and use their own private tokens for transactions on their network. Tokens are located on the ADA main chain, so users can also use them like local tokens.
Such multi-asset blockchains are rare in the cryptocurrency world as most platforms like Ethereum will use smart contracts or side chains to create platforms with local assets. At the end of 2021, IOHK also aims to release another update called Allegra.
Does ADA have an advantage over other similar platforms?
There have been consistent developments in the crypto space in the past 3 years, but 2nd generation projects such as Ethereum and Polkadot continue to be Cardano’s biggest challenges. Now, Ethereum and Bitcoin may scale with 3rd party solutions in the future, but the use of parachain could possibly both make the local network more unreliable and reveal multiple points of failure.
With such projects carrying more management at different levels, the likelihood of conflict increases and leads to a possible collapse. With Cardano, it is designed to scale and achieve interoperability within a single main chain.
Updates now enter a specific timeline and become consistent for Cardano, although many did not pay attention before.
Is $ 1 a possibility in the near future?
The probability is standing there but it may take some time and may see a few backtracks. The $ 1 mark indicates still a 41% increase from the current price point. A correction period can be expected in the charts.
However, considering that an altcoin season is unfolding, the chances are not completely void and possibly a $ 1 price by the end of the 1st quarter of 2021.