Cardano ($ADA) Surges Over 13%, Crypto Analyst Says ‘Might Be Ready for $5’

On Saturday (September 11), Cardano’s $ADA token is highest percentage gainer among the top 10 cryptoassets with a nearly 14% surge in the past 24-hour period that has only helped to further solidify its third place position in the coin market cap table.

According to data by TradingView, currently (as of 19:06 UTC on September 11), on crypto exchange Kraken, $ADA is trading around $2.7488, up 13.71% in the past 24-hour period.

As for why $ADA is doing so well on a day when both Bitcoin and Ethereum are down 0.33%, the most plausible explanation is that there are still many investors and traders who believe that the September 12th activation of the Alonzo hard fork on the Cardano mainnet does not need to be one of those “buy the rumor, sell the news” event and that such display of strength suggests that $ADA’s best days are still ahead of it.

One prominent crypto analyst who seems to believe so is Michaël van de Poppe, who said earlier today that he thinks the $ADA price is capable of reaching $5.

Based on social media analytics data from LunarCRUSH, currently, Solana has the highest AltRank score:

Tim Harrison, Marketing & Communications Director at IOHK, the blockchain technology company behind Cardano, pointed to the following infographic that paints a nice picture of Cardano’s rich and diverse ecosystem and said that the next “few months” should be quite exciting to watch as more and more of these Cardano-powered projects launch on the mainnet.

And finally, as for tomorrow’s Alonzo hard fork combinator (HFC) event, IOHK said yesterday (September 10) that version 4.3.1 of the Daedalus wallet is available and its users should upgrade to this version “before the HFC event on Sunday, September 12th @ 21:44 UTC.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Source: Read Full Article