Cardano’s ADA token made a triumphant return to the $2 mark on Aug. 13 as weekly gains topped 50%.
ADA reverses most of its 3-month losses
At the time of writing, the pair circled $2.07 and was continuing to climb, gaining $0.25 overnight.
$2.07 marked ADA’s highest price since May 18 and the start of the cross-crypto price rout engendered by China’s mining shakeout.
The move was accompanied by impending technological upgrades, notably smart contracts on Cardano, something popular trader Lark Davis described as a “very bullish catalyst.”
“A mere 6X would give it the same market cap as Ethereum,” he noted, forecasting potential gains of “several hundred percent” once the smart contract feature goes live.
“Maybe one day Cardano will 50X, but it is not super likely across short time frames considering the market cap.”
ADA was thus the second best performer on the day, just behind The Graph (GRT).
Bitcoin still grapples with sellers
As Cointelegraph reported, Cardano is not alone in battling key resistance levels this week.
Bitcoin (BTC), fresh from a solid run which saw it preserve $40,000 as new support, continues to focus on $47,000, a major sell wall which has so far kept $50,000 out of reach.
Optimism meanwhile remains high over the potential return of gains among DeFi tokens after several months of lackluster performance.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.