Cardano (ADA) opened the curtain the last week of July with a record all -time high (ATH), $ 2.85 this morning.
Arguably these assets have shown outstanding performance since the collapse of the crypto market last May. In fact, there is hope for this asset to continue to soar to the $ 5 level.
However, the surge depends on a number of key factors involving its community.
First, be aware that the smart contract launch date at the end of Alonzo is approaching. It is expected to take place on September 12.
The heavy growth of the Cardano ecosystem has been the mainstay of the ADA price increase, causing several other altcoins to lag behind in terms of price spikes.
Second, the ADA’s focus on social media networks also has an impact on the price of these assets. Reportedly when the ADA recorded a value of $ 2.65, the hashtags ‘ADA’ and ‘Cardano’ also saw a stir on social media sites.
It is also supported by Santiment's prediction: "Public excitement at this point has the potential to push the ADA to the price level of $ 3 and above."
This means, there is a chance for the ADA to carve out $ 5 if these two factors continue to play a role.
Perhaps, previously the ADA was seen as a worthless asset and was once labeled as a ‘ghost chain’ but not anymore when at the time of writing, it still stood at $ 2.81, down 1.41% from this morning’s record high.
