Cardano’s cryptocurrency ADA has risen by 8% in the last 24 hours, according to Coinecko data.
Although ADA climbed above the $3 level in the past few days, it experienced a major decline later on. Now, Alonzo has rebounded ahead of its launch, gaining around 10%. As the smart contract feature approaches, the price of Cardano’s native asset ADA has increased by almost 16% on Binance.
Cardano founder Charles Hoskinson reminded that the Alonzo hard fork is approaching on Twitter in the past hours and said, “We are entering a new era in Cardano.” With Alonzo, users can now start creating smart contracts on the blockchain.
On the other hand, data provider Santiment warns that the ADA community may become “overly excited or fearful”, which could result in the price dropping sharply again.
Santiment used the following statements in his tweet:
As it is known, ADA experienced a sharp decline from around 2.90 in the past days. On top of that, Hoskinson stated that the ADA price drop was related to the Bitcoin correction, not the recent FUD related to the technical issues Minswap faced.
ADA was trading at $2.63 at the time of writing.
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