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Cardano’s ADA token on the Rise as New Buyers Dive in

Smart Contracts Responsible for Network Boost, according to Research Firm.

Blockwatch

Cardano’s ADA token saw a HUGE surge this Friday, and this month’s gains have risen to a whoppin’ 112%, officially approaching an all-time high.

Judging by the data from Messari, ADA was trading at $2.84 at press time and was up 12% over the past 24 hours. 

Compared to last month, the wallet addresses holding the asset for no more than 30 days have seen a 10% increase, which could point to a sign regarding new buyers comin’ into the fold. This info comes from research data by IntoTheBlock, a research firm. 

Tweeting on Friday, IntoTheBlock said, “With the imminent launch of Cardano’s smart contracts, ADA is experiencing a boost in short-term interest.”

The smart contract feature by Cardano will go live on September 12th. 

Denis Vinokourov, the head of research at Synergia Capital said “For this upside to continue, capital needs to come from somewhere.” 

He continued “What I am asking is what ecosystem will capital leave to enter Cardano? Or is it going to be ‘new capital’? Who will suffer because of Cardano’s revival?”. He was quick to note that a ton of capital has in fact gone into Solona, Polygon, and, very recently avalanche, as well.

Vinokourov added “The likes of bitcoin cash (BCH) and EOS will likely continue to underperform,” and, “These two behemoths are from the same era, but Cardano has managed to continue to innovate.” he said. The chart for ‘holder–which are in crypto terminology, long time holders–shows an important growth within the past 2 months. 

Though, it is important to note that the holder numbers haven’t increased as fast as the number of mid and short-term traders. Of course, according to Lucas Outumoro, IntoTheBlock’s head of research, that’s because the ADA is more “momentum-driven short-term play than a long-term high-conviction one.” 

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