Following a tumultuous week of volatility in the market, ADA has seen a new all time high reached over the weekend. Breaking past the $2 mark.
ADA had previously tested a new high one week ago. However comments made by Tesla CEO Elon Musk regarding “rapidly increasing use of fossil fuels for Bitcoin mining and transactions” triggered a market sell-off. ADA slumped to a weekly low of $1.50 before continuing its rally towards another all-time high.
The cryptocurrency is currently hovering over $2. With an impressive 25% gain in the last week. ADA had previously hit a new high eight days ago. Before seeing three more days of new highs.
More bullishness expected for ADA
Crypto analyst Benjamin Cowen recently tweeted a poll asking “What crypto will be the third coin to make it to $200B market cap?” Surprisingly out of BNB, DOGE, and XRP, ADA was currently the favorite in ratings. With neatly 10,000 votes, ADA was leading the poll with 57% of the votes. With BNB coming in second with 24%.
Popular traders calls for $2.26 price target
Popular forex and crypto trader Peter Brandt had previously tweeted a price target for ADA. Brandt speculates that the price of ADA should hit $2.26 based on his “ballpark” target analysis.
Cardano expansion continues
Cardano recently announced it would be launching its Alonzo hard fork in May. The announcement will see the Goguen era of Cardano’s roadmap fulfilled.
The upgrade is set to implement secure smart contracts. The smart contract capabilities will be based on Plutus custom-build programming framework.
Furthermore, Input Output, the parent company of Cardano, has recently partnered with World Mobile Group. The partnership is set to provide affordable network nodes through the Cardano blockchain infrastructure.
The African partnership will allow citizens to backup copies of important documents through the blockchain.