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Cardano starts Alonzo Update to Accommodate Decentralized Applications (Dapps): Will it become Ethereum Killer?

Cardano (ADA) has initiated the process of integrating major functions through the Alonzo update on May 28, 2021 (Friday). The deployment of the Alonzo testnet enables the blockchain to implement smart contracts, which will enable Cardano to accommodate Dapps (Decentralized Applications). Once the update is complete, Cardano will become a closer competitor of Ethereum (ETH). Reports say that from the end of August 2021, the network should be in production.

Charles Hoskinson, the founder of Cardano, has announced:

“The critical engineering path, the integration path, the coordination path, and the community path are planned for the next 90 days.”

With Charles Hoskinson relying heavily on smart contracts during its Alonzo update, Cardano is believed to restore the value of ADA. After the announcement of the smart contracts rollout plan, the price of Cardano (ADA) increased by over 15% to reach US$1.83 at one point in time on Sunday (May 30, 2021). It helped this altcoin to regain its 4th position yesterday, moving above Binance Coin (BNB).

This spurt in price comes after a 53% drop in the ADA price from its all-time high at US$2.46 (reached on May 16, 2021). The 15% jump in price is a sigh of relief for the traders as the drop made the market cap of Cardano decline from US$2.57 trillion to a monthly low of US$1.19 trillion. Yesterday’s price rise made ADA recover from its monthly low of US$1 and reclaim the US$1.60 level.

At press time (May 31, 2021), the price of each ADA is hovering around US$1.63 and is currently ranked as the 4th largest cryptocurrency in terms of market capitalization. Its market dominance is 3.27% currently.

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