The realization that the cryptocurrency market might be about to regain its bullish momentum once again has led to speculation about the digital coins that can deliver the highest potential returns. It seems Cardano has found itself in the crosshairs during the ongoing hunt for maximum potential gains, judging by the ongoing hype around ADA’s potential to make millionaires within the next 2 years.

One of the reasons for the high expectations placed on ADA is the upcoming introduction of smart contract functionality to its network as part of the Goguen stage of its roadmap. Smart contracts are an essential part of any modern blockchain infrastructure. They facilitate robust developments and make a network more attractive to users. The Ethereum network is an example of a network whose smart contract capabilities and robust network have attracted many projects to build on its blockchain.

Although Cardano is one of the most promising blockchains particularly thanks to its focus on developments that leverage scientific methodology, it lacks smart contract support at the moment. This might explain why its price performance seems subdued. Meanwhile, its rival Ethereum continues to enjoy rapid adoption but has been facing scalability and high fees challenges. Cardano’s development so far allows it to overcome those hurdles but the downside remains the lack of smart contracts which makes the network less attractive than Ethereum.

Cardano Alonzo will be a huge catalyst for adoption

The Alonzo upgrade is the reason behind the current hype around ADA. This is because it will introduce support for smart contracts, therefore making the network more attractive to developers. The upgrade is the missing link that was necessary to kick Cardano into high gear and now it is about to happen.

Smart contract support might encourage more adoption of the Cardano network and even make it attractive to projects that want to launch on multiple blockchains. Given the congestion on the Ethereum blockchain, it is likely that there might be a huge migration or at least an influx of developers and investors in ADA, pushing up its market cap and, and consequently its price.

ADA is currently trading at $1.40 and is down by 2.03% in the last 24 hours, although it is still in the green by 6.73% in the last 7 days. It currently has a market cap of $44.5 billion and a circulating supply of 31.9 billion ADA.

 Source- Binance

The hype around the Alonzo rollout in July explains the recent bullish price action which saw the cryptocurrency rally back above $1.30. However, what kind of price-performance will we see once smart contract capabilities are introduced? Will it reach $100 or even $1,000? Let’s evaluate the possibilities.

Right now Ether is trading at $2,221 with a $259 billion market cap. However, it has a low circulating supply at 116.5 million which is significantly lower than Cardano’s 31.9 billion circulating supply. This means it is more difficult for Cardano to get to ETH’s current price level because of the higher supply. So, $2,000 or even $1,000 seems a bit out of reach at least in the next few years. However, it might be possible in the future if the platform continues to grow and if its market cap soars and its supply reduces.

A more reasonable expectation is a 10X price movement. To put it into perspective, ADA’s price will be about $3.10 if it hits a $100 billion market cap. Its price will likely approach $10 if it achieves a market cap closer to that of Ethereum, which is possible if more platform adopters jump on the Cardano blockchain. Such a price gain is still reasonably substantial especially for those that hold a large amount of ADA.