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Cardano (ADA) Price Down 10% Following Bitcoin Drop but Alonzo Testnet Is Almost Here

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by Kofi Ansah · 3 min read
Cardano (ADA) Price Down 10% Following Bitcoin Drop but Alonzo Testnet Is Almost Here
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Charles Hoskinson, the founder of Cardano, believes that the best is yet to come for the ADA community citing the much-anticipated Alonzo Testnet as a vital tool that will set the growth of ADA on a bullish path.

Cardano’s ADA price is down by 10% following the recent market pullback but founder Charles Hoskinson says its Alonzo Testnet launch is the latest tool that will propel the digital coin to even greater heights. ADA wasn’t exempted from the recent market wipeout which saw many digital coins, including Bitcoin, left in red. ADA before its latest setback in the past 48 hours put up an impressive performance, shooting from $1.89 to a new all-time high of $2.37 on May 15, and knocked off Dogecoin to claim the fourth place on the crypto ladder. The digital coin however could not hold on to the upward momentum as its price suffered another dip and is currently hovering around the $2.12 mark, down 9.91% in the last 24 hours.

Many crypto experts attributed the recent surge in the price of ADA to Elon Musk’s announcement of suspending Bitcoin as a payment option with regards to its energy concerns, adding that he is looking for other alternatives (digital coins) that use less than 1% of the energy Bitcoin does. Many crypto experts tipped ADA to be one of such coins and expected a lengthy upward trajectory but that hasn’t been the case.

Charles Hoskinson, CEO of Input Output Hong Kong and founder of Cardano, however, believes the best is yet to come for the ADA community citing the much-anticipated Alonzo Testnet as a vital tool that will set the growth of ADA on a bullish path. Mr. Hoskinson has been very active in the media of late and recently stated that Cardano is being built to service not millions but billions of users around the globe.

The CEO also told his 433,000 followers on Twitter that, his team has decided to rebuild the entire smart contract model to eliminate any problems including how secure the network is, sustainability, cost predictability, and high gas fees. Hoskinson also pointed out that Cardano’s new smart contract model will allow millions of developers around the world to participate in the ecosystem.

According to Hankinson, his goal to create a fast and scalable blockchain when creating Cardano has been almost perfect thanks to its proof of stake (POS) consensus mechanism, which has provided faster transactions at relatively lower fees compared to Ethereum. One thing it however lacks is the smart contract capability, which has made Ethereum a force to be reckoned with in the crypto space.

Although the Alonzo Testnet has not launched, its ecosystem has seen unprecedented growth as it can boast of several listings on its smart contract platform with the various companies ready to begin work as soon as it opens in the coming days. With the codename (Alonzo) already having positively impacted the price of Cardano’s native token ADA, taking it to a new all-time high, its launch is highly predicted to send the value of the blockchain off the roof.

Altcoin News, Blockchain News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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