If you’re a Cardano (CCC:ADA-USD) bull, you’re likely watching the minutes tick by as Sunday approaches. It will be one of the biggest days in the network’s history, considering how large its impending Alonzo hard fork will be. Cardano crypto fans are waiting excitedly for the big day. With official channels confirming the date, investors are holding tightly to their wallets.
Early last month, momentum began to seriously build around the Alonzo Purple upgrade. The hard fork will be the final step in a series of network upgrades. Most notably, the fork will bring smart contracts to the Cardano network. Of course, smart contracts are one of the most popular technologies for any burgeoning crypto project; they allow for faster transactions, thanks to automated brokerage of trades when conditions are met. This removes a lot of the energy needed to conduct transactions on the Cardano chain.
Additionally, they provide Cardano with the opportunity to catch onto some of the largest trends going on in blockchain: non-fungible tokens (NFTs). The NFT space is a multi-million dollar industry, and everybody from retail investors to celebrities and art collectors are trying to get their hands on their own unique tokens. With smart contract capabilities, Cardano can mint its own NFTs, bringing some market share from the trend to the network. Also, as NFTs morph and evolve, Cardano will be able to keep pace with the industry better than other networks who don’t currently accommodate smart contracts.
Cardano Crypto Looks to Gain Over the Weekend With Alonzo Fork
The Alonzo hard fork has been long teased, but its release is just on the horizon. Cardano founder Charles Hoskinson’s crypto research firm Input Output confirmed on Tuesday that the fork will be occurring on Sunday, Sept. 12.
With the hard fork on the horizon, investors are expecting the token to push past its all-time high of $3.10; it reached this level just a week ago. Earlier in the week, the coin fell to a seven-day low of $2.16 as a result of the market-wide crypto flash crash. It’s steadily gaining back value as the weekend approaches. Today, the ADA coin is up over 6%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.