Cardano Set to Launch Alonzo Upgrade
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When Charles Hoskinson founded Cardano (ADA) in 2017, his goal was to launch a fast and scalable blockchain. Because of its Proof of Stake (PoS) consensus mechanism, Cardano has achieved this goal.
Although the Cardano blockchain provides faster transaction speeds when compared to Ethereum (the industry leader in blockchain use), it lacked Smart Contract capability, a key feature.
Smart Contract capability launched Ethereum to the number two spot after Bitcoin.
One factor that has given Cardano a competitive edge over Ethereum is the continuous postponement of its Ethereum 2.0 upgrade, which would transition Ethereum into POS.
Nonetheless, Ethereum has made significant progress in its network upgrade development, with the Berlin fork already in its finished stage and the London hard fork set to get ready in July.
That said, Cardano Smart contracts will enter the Cardano test net by the end of this month.
The Smart Contract capability upgrade, codenamed Alonzo, has already had a positive impact on the price of ADA. The upgrade announcement has sent the price up by about 60% over the past few weeks, with ADA recently peaking at $1.9720.
The previous network upgrade, Mary hard fork, got implemented in March and sent ADA on a +270% spike. This upgrade implemented several exciting features for the Cardano blockchain, including multi-asset native tokens and non-fungible tokens (NFTs) capability.
Key Cardano Levels to Watch — May 14
ADA continues to break higher barriers, as the fifth-largest cryptocurrency aims for the $2 mark. Despite this week’s bearish tone, yesterday’s in particular, ADA has rallied by about 25% over the past seven days.
Following its peak at the $1.9721 level, the cryptocurrency has recorded a sharp correction towards the $1.8000 psychological support. That said, we could see a rebound to the previous highs over the coming hours as the broader market sentiment picks bullish steam.
Meanwhile, our resistance levels are $1.9720, $2.1000, and $2.2000, and our support levels are $1.8300, $1.7000, and $1.6000.
Total Market Capitalization: $2.29 trillion
Cardano Market Capitalization: $60 billion
Cardano Dominance: 2.6%
Market Rank: #5
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