Crypto: Cardano gets its smart contracts, but it’s Cosmos soaring this morning

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Smart contracts have finally arrived in Cardano, correcting what many saw as a glaring shortcoming with the world’s third largest cryptocurrency by market cap.

Alonzo’s upgrade that adds smart contract functionality went into effect around 8:00 a.m. AEST today, and dozens had already been rolled out.

Yes, yes they are pic.twitter.com/GYhhuQuRXX

– Charles Hoskinson (@IOHK_Charles) September 13, 2021

Damn, this Alonzo update went well. New departures $ ADA #Cardano @IOHK_Charles. Congratulations!

– HUNNIT D (@HunnitD_) September 13, 2021

Today is the official day of the birth of #Cardano. From that day on, he’ll learn, expand his offering to the world, and probably shit on a few trolls.

– Jason Appleton (Crypto Crow) (@jasonappleton) September 12, 2021

“By allowing Plutus scripts to be written and executed in a chain, you have the backbone of a new decentralized application platform, enabling many use cases of DApp and decentralized finance (DeFi). , from simple swap-like applications to decentralized exchanges (DEX), and more so complex computational programs such as Oracles and crypto-algorithmic stablecoins, ”wrote IOHK Director of Marketing and Communications Tim Harrison, in a blog post.

But he added that users should expect a few bumps in the road, with imperfect user experiences, issues with early decentralized apps, and possibly hacks from bad actors looking to exploit bad coding practices.

As of 11:00 a.m. AEST, Cardano’s ADA tokens were down 0.5% to US $ 2.55 (AU $ 3.59).

Crypto is notoriously tribal, and some backers from other smart contract platforms had bet against Cardano being able to deliver them on time – literally.

But the Polymarket prediction market was now showing the bet settled. Crypto fans had bet $ 890,684 on it.

Polymarket

Shane Stevenson, managing director of Australian exchange Cointree, said the upgrade will help Cardano rival Ethereum.

“If Cardano continues the performance it has had over the past month, it would not be surprising to see the ADA hit A $ 5 by the end of the year,” he said, adding that many of the best Cointree traders hold ADA in their portfolios.

“We see a multi-chain future as the cryptocurrency industry continues to grow and we expect Cardano to be a major competitor to Ethereum.”

The cosmos flies away

Cosmos (ATOM), the No.19 coin, rose 30% to US $ 34.76 and had hit an all-time high of $ 36.58 earlier this morning.

#Cosmos adds thousands of new blockchains over the next decade. Each new blockchain provides an airdrop to the $ ATOM stakes.

I cannot stress enough that now is the time to buy $ ATOM while it is still cheap.

– Jerry Smith (@ Whoopensocker3) September 11, 2021

Osmosis, a decentralized exchange for trading tokens in the Cosmos ecosystem, was the biggest winner in the top 100, rising 30.7% to US $ 6.38.

Earlier this morning, it hit an all-time high of $ 6.81.

Coin # 96, Osmosis, was trading under $ 2 in mid-August.

Overall, the crypto market rose 3.3% to US $ 2.2 trillion, with Bitcoin up 2.2% to US $ 46,057, recovering its 200-day simple moving average.

Still, Bitcoin chartist @MICKrypto (formerly @bitcoin_charts), wrote on Twitter that there were “some bullish developments on the chart, but be aware that there are still more bearish points than bullish points.”

Coingecko

Solana had calmed down after days of strong rallies, falling 6.4% to US $ 163, while XRP regained sixth place with a rise of 2.3% to US $ 1.09.

Ethereum rose 3.9% to US $ 3,389.

Polkadot, the No.8 crypto, rose 15.9% to US $ 35.91 after a successful hackathon over the weekend.

Harmony had also hit an all-time high this morning of 22.5 cents US, and by noon it was up 20 percent to 21.4 cents US.

Avalanche, Raydium, Serum, Luna, and Arweave all hit all-time highs this weekend.

The other big top 100 winners were Tezos (up 21.6%), Algorand (20.3%) and Tron (18%).

On the other hand, Quant was down 9.7% and Fantom was down 7.6%.

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