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ADA Soars Over 12.5% As Alonzo Hard Fork to Kick Off Later Today

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Sun, 09/12/2021 - 08:35
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Yuri Molchan
Cardano’s native coin spikes over 12.5 percent, recovering after a major fall and ahead of the Alonzo launch later today
ADA Soars Over 12.5% As Alonzo Hard Fork to Kick Off Later Today
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As the moment of the smart contract feature draws nearer, the price of Cardano’s native asset ADA has spiked by almost 16 percent on the Binance exchange.

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CEO of IOG and founder of took to Twitter to remind the community that on Sunday, the Alonzo hard fork is to be rolled out, which will enable users to start building smart contracts on the largest Proof-of-Stake blockchain.

However, the team of the on-chain data vendor Santiment warns that once the ADA community gets “overly hyped or fearful”, the price may go down sharply again.

On September 9, ADA, along with other cryptocurrencies, made a sharp drop from the $2.9 level, reaching consecutive lows of $2.16 and then $2.21. Dogecoin also showed a big decline on that day, following the fall of the flagship cryptocurrency, Bitcoin, below the $50,000 level.

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In a recent live-stream Hoskinson pointed out that the ADA price drop has been down to the Bitcoin correction and not to the recent FUD related to the technical issues faced by the multi-pool decentralized exchange Minswap launched on Cardano.

By now, ADA has risen 4.5 percent from $2.52 and is changing hands at $2.64.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.