Cardano (ADA) is The Hottest Crypto Asset Ahead of The Smart Contract Event

The Cardano crypto asset (ADA) is recording a surprisingly significant growth. In terms of prices, in the period 20 July - 20 August 2021, ADA has shot up 146.08%. Much higher than Bitcoin (BTC), Ethereum (EHT), and Binance Coin.

Quoting Coinmarketcap.com, as of 4:15 p.m., the price of Ethereum has jumped 86.36% in the past month. Followed by Binance Coin which rose 64.2% and bitcoin which rose 60.46% in the same period.

In addition to the sharp increase in its price, in terms of market capitalization, surprisingly, ADA has also succeeded in overtaking BNB as the crypto asset with the third largest market capitalization.

Based on trading volume in the last 24 hours, ADA is also the most heavily traded crypto asset in Indonesia. Referring to Indodax and Tokocrypto, ADA ranks at the top of trading volume.

“ADA's price movement has been really hype lately, even though its superior feature, namely smart contracts, is not yet ready. Most likely, this is indeed a lot of investors who are FOMO on this coin because it is predicted to be the next Ethereum killer," explained Triv.co.id CEO, Gabriel Rey to Kontan.co.id.

Meanwhile, the CEO of Digital Exchange, Duwi Sudarto Putra, said that ADA is currently focusing on developing smart contract features on its platform. If this development is successful, with the advantages it has, it is not impossible that in the future the price of ADA will rise again.

In addition to the development process, Duwi said, the implementation and the current system as well as strong community support will also be important factors for the movement. If these three aspects are met, it is not impossible that ADA can match and even beat the existing smart contract features

Tokocrypto CEO Teguh K Harmanda also did not deny that Cardano is a coin that investors need to pay attention to for the next few months. According to him, Cardano will receive positive sentiment from the planned launch of the smart contract feature in September.

"This news will be a very good positive sentiment for Cardano and has the potential to cause an increase in the price of the ADA coin," said Teguh.

Meanwhile, the existence of this smart contract will later allow Cardano to incorporate more applications including Decentralized Finance (DeFi) which allows for automated lending and trading features of crypto assets.

Coindesk reports that the service upgrade could put the Cardano network in a better position to challenge Ethereum, which is currently the leader among blockchains with smart contract functionality.

While Gabriel believes that if investors really want to speculate and take advantage of the momentum, there's nothing wrong with looking at ADA. “However, the prospects are actually still a question mark. In terms of technology, it is better, but the ADA ecosystem is not as big as ETH," he concluded.