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Cardano’s (ADA) Momentum Shift

  • Cardano’s developers IOHK have announced new developments to the blockchain
  • Analysts suggest that the introduction of Alonzo and Goguen will be a game-changer for the coin
  • Alonzo will support smart contracts and decentralized applications for decentralized finance (DeFi)
  • Cardano is set to experience an exponential price spike in the coming months

Cardano (ADA), a cryptocurrency developed by IOHK in 2017 which came with lots of changes in the sector, is now set to add new upgrades to its robust blockchain.

Previous upgrades like Shelly and Mary have been lauded by investors and experts who opined that innovations from Charles Hoskinson, CEO of IOHK and his team will drive the cryptocurrency up the ladder.

As one of the biggest rivals to Ethereum’s blockchain and Defi, Cardano isn’t slowing down in rolling out new upgrades to be the developers’ first choice.

The Goguen Road Map and Alonzo

Shortly after Cardano launched in 2017, IOHK began work on two monumental upgrades: Shelly and Goguen. Though Shelly launched first, the company said it started work on both around the same time.

The Company has stated that the Goguen era would enhance the abilities of Cardano to bring about decentralised apps.

The Goguen era will see the introduction of Alonzo, which will lead to the creation of decentralized smart contracts in the Cardano blockchain. As a result of the company’s desire to move with all users, non-programming users and highly skilled programmers will be able to create and execute smart contracts on the platform through its newly developed language, Plutus.

Plutus has been heralded as the best language for the development of smart contracts so far. Another goal of the Goguen era is the exponential extension of the reach of Cardano. The cryptocurrency is expected to reach new users which will positively impact the price of the coin.

Alonzo is an important upgrade to the Blockchain and it will result in a major price adoption in favour of Cardano. The company announced that Alonzo will launch in four months, provoking excitement for users and causing many experts to label the upgrade a game-changer for the coin.

Due to the company’s hard fork combinator technology, Alonzo will be well placed to cater for the business needs of users across many sectors.

On the Flipside

  • Cardano (ADA) has performed better than expected in 2021
  • ADA opened the year trading at $0.1814; the coin currently trades at $1.31
  • The newly proposed development of the coin will be rivalled by Ethereum’s blockchain which is currently far more popular than Cardano

The Possible Reason for The Exponential Rise of Cardano

The price and demand of Cardano are expected to rise in the coming months if everything goes to plan. History is set to repeat itself as launches of new features often lead to price shifts.

With Alonzo establishing smart contracts and stronger DeFi, the Goguen era will bring about an exponential demand for the coin. Buyers of the coin are currently anticipating a 74% rise in the value of the coin in the coming months.

This speculation comes after experts suggested the coin could experience an upswing to the projected target of $2.16.

This upswing from the current value of $1.31 to $2.16 is not an assurance, but with the current upgrade of Alonzo in the robust Goguen roadmap, strengthening of their NFT’s, and other significant upgrades, experts and buyers of the coin have good reason to be optimistic.

Experts also touted the coin as one of the top four coins to watch in March. With the platform charging much lower fees than Ethereum, demand for the coin is expected to rise.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Crypto and fintech are my passion, I hope that one day when people read my articles will say nothing but nod in approval to themselves.