As of September 14th, 2021, Cardano’s (ADA) price is 2.40$ with a twenty-four-hour percentile volume of $4,796,213,323. As direct updates from Cardano’s ADA, the coin has been down 1.24% during the last twenty-four hours. As of September 14th, 2021, Cardano’s (ADA) supply remained 32,025,787,327, with a maximum supply of 45,000,000,000 Cardano coins.
Notably, for the very first time, Cardano’s (ADA) has broken down to 6.89% and is trading at 3$, just a few weeks after becoming the world’s third most prominent tender. At the same time, the total value of Cardano’s ADA has a total value of 96$ billion that is roughly a fourth of Etherum, according to Coinbase.
The Reason behind Cardano’s Fall:
According to a blockchain expert at Cointelegraph, the reason behind the massive fall of Cardano (ADA) is the integration of long-awaited smart contract functionality-based scripts for the very first time. The launch of smart contract functionality scripts is expected to drain the extensively booming non-fungible tokens and decentralized finance…
According to the development team of Cardano (ADA), the Alonzo was completed within the weekend, launching smart contract functionality-based scripts to the blockchain. Introducing smart contract functionality-based scripts meant that Cardano (ADA) is one of the latest proofs of stake blockchain platforms, integrating smart contract functionality-based scripts into its network.
Nonetheless, it is not a surprise that despite launching its innovative contract features, Cardano (ADA) has fallen steeply after the news “sell the new” right after the upgrade of Alonzo. However, back in August, Cradano’s showed strong momentum and made impressive gains in trading. The hard work on September 12th enabled the smart contract functionality.
Cardano has attained approximately 2,600% over the past year. Yet despite the fall of Cardano (ADA), it is essential to keep an eye on the expectations. Developers seek to introduce some non-fungible tokens, token swaps, and decentralized finance such as lending and borrowing on the blockchain.
It is also notable that Cardano (ADA) has already confronted to $76 billion increase in its market cap, so it is possible to see Cardano (ADA) as dominating Etherum in the future. A famous financial analyst also suggested the Cardano (ADA) hit 10$ and flipped the Etherum to become one of the leading smart blockchain contracts platforms.
The cryptocurrency market is facing a slump resulting in the declination of a majority of currencies by 24%, partly due to increased profit-making sentiments among the crypto traders during the past 48 hours. Once again, the Alonzo upgrade is expected to bring highly predicted capabilities to Cardano (ADA) through incorporating Plutus applications in the blockchain.
Integration of Plutus Applications:
As integrating Plutus applications will enable the Cardano (ADA) a host of new use cases for decentralized features (DApps) for the very first time”. Although the upgrade of Alonzo and integrating smart blockchain contracts platforms contributed much to protecting Cardano (ADA) from falling, insufficient technical errors remain.
The development team of Cardano (ADA) blockchain is also planning for more upgrades during the coming weeks and years. The Alonzo upgrades will enable the users to the smart covenants through Plutus scripts. A
ccording to the Cardano (ADA) development team, Plutus scripts will serve as a useful purpose-built smart contract development language that also serves as an implementation platform that facilitates the functional programming language.