Cardano (ADA) has reached its most recent all-time high of $2.64.
In the early hours of August 22, the altcoin surpassed the $2.60 mark, according to data. On August 20, the third most valuable cryptocurrency by market capitalization made another attempt at the $2.60 mark. However, it fell short at $2.58 and had fallen back to $2.40 by the evening of August 21. ADA then continued to rise steadily, smashing previous highs and settling at $2.64. At the time of publication, the price was just under this mark, at $2.61.
This achievement is the reward for an eventful week for ADA. It started last Sunday at $2.19, but by Wednesday (Aug 18), the token’s price had dropped to $1.92. ADA spiked again and made plays for the all-time high from here. This month, it also surpassed Tether (USDT) and Binance Coin (BNB) in terms of market capitalization.
According to on-chain metrics and analysis platform Santiment, the achievement has sparked euphoria in the Cardano community. They tweeted on August 22:
“Mentions of both the #Cardano hashtag and $ADA cashtag have absolutely exploded with the #crypto asset’s new #AllTimeHigh, The crowd & its euphoric behavior at this level will have a significant impact on whether prices continue toward $3.00 & beyond.”
Smart contracts will be available soon.
The upcoming smart contract launch is reportedly one of the other key factors contributing to ADA’s recent price increases. Earlier this month, reports indicated that the token’s value increased by 20%, from $1.54 to $1.88, around the time ADA founder Charles Hoskinson announced the upcoming launch of a smart contract feature.
The driving force behind ADA, Input Output Hong Kong (IOHK), releases regular video updates in which the Alonzo smart contracts are frequently discussed. Nigel Hemsley, IOHK’s Head of Delivery, revealed the potential date of the smart contract launch in their most recent installment, dated August 13th.
“We can have a complete smart contract release ready for people to use our full smart contract toolbox ready for the Alonzo hard fork […] by Monday, September 12th.”
Hemsley also stated that a testnet hard fork was planned for September 1st. The mainnet will be launched after more than a week of testing.