ADA Down By 7% Today Despite Cardano Launching Its Smart Contract Features
The price of Cardano (ADA) is down by more than 7% today despite the blockchain launching smart contract features a few days ago.
Smart Contract Features Now Available on Cardano
Cardano (ADA) has been one of the top-performing cryptocurrencies in the world in recent months. The blockchain has undergone various developments over the past few months, and it has added another achievement to its belt.
According to the Cardano development team, the Alonzo hard fork was completed over the weekend, introducing Plutus-powered smart contract scripts to the blockchain. This implies that Cardano is the latest blockchain to integrate smart contract features into its network.
In a blog post on Saturday, IOHK, the development team behind Cardano, said, “The Alonzo upgrade will bring highly anticipated capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow the implementation of smart contracts on Cardano, enabling a host of new use cases for decentralized applications (DApps) for the very first time.”
The development team is anticipating further upgrades to the Cardano blockchain in the coming months and years. The Alonzo upgrade makes it possible for users to write smart contracts on the Cardano network using Plutus scripts. According to the team, Plutus scripts is a purpose-built smart contract development language. It is also an execution platform that leverages the functional programming language Haskell.
ADA Price Down By Over 7%
The cryptocurrency market has been caught in a bearish trend for the past week, and it has continued on the first day of a new week. The prices of most cryptocurrencies have been down by more than 3% over the past 24 hours.
ADA, the native cryptocurrency of the Cardano network, has been down by more than 7% in the past 24 hours. The cryptocurrency’s price is down despite the developers launching smart contract features on the network.
ADA is currently trading at $2.40 per coin, down by 7.6% in the past 24 hours. Year-to-date, ADA’s performance has been exceptional. The cryptocurrency has been up by more than 1000% since the start of the year. ADA was trading at $0.177 at the start of the year, but it is now trading at $2.40 per coin.
Cardano’s value could still go higher in the coming months, as market experts believe it could trade at $5 by the end of the year.