Sell the news? ADA price drops 10% following Cardano's long-awaited smart contracts rollout

Sell the news? ADA price drops 10% following Cardano's long-awaited smart contracts rollout


The price of Cardano (ADA) fell on Sept. 13 in line with the other top cryptocurrencies despite the completion of its hard fork upgrade dubbed “Alonzo,” which introduces smart contract functionality.

The ADA/USD exchange rate dropped 10.67% to reach its intraday low of $2.3, partly due to profit-taking sentiment among traders following the pair’s 1,200%-plus price rally this year. Additionally, the intraday sell-off also surfaced in the period of an overall crypto market decline, with top tokens Bitcoin (BTC) and Ether (ETH) falling 4% and 6.97%, respectively.

Top 10 cryptocurrency tokens and their performance in the last 24 hours. Source: Messari

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Cardano’s drop appeared when its core foundation rolled out a long-awaited smart contracts feature on its public blockchain for the first time. The launch expects to tap the booming decentralized finance (DeFi) and nonfungible token (NFT) sector as they grapple with slower and costlier transaction fees on the leading smart contracts platform, Ethereum.

As a result, anticipations for an extended upside boom in the ADA

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