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Cardano price: ADA moves up to 7th place among the largest cryptocurrencies

 


Cardano (ADA) overtakes XRP to become the seventh largest cryptocurrency by market cap.


ADA price is up 5.4% in 24 hours, about a week after Cardano founder Charles Hoskinson announced the Vasil hard fork on September 22, 2022.


In a live stream on August 26, 2022, Hoskinson said the launch date would depend on exchange readiness . In the past, these have always acted quickly after the announcement of a hard fork and are now ready to get started with the total ADA liquidity of around 80% required for the upgrade. The top ten decentralized apps after Total Value Locked (TVL) have already switched to the latest version 1.35.3 of the Cardano Vasil code.


ADA rises to $0.50 ahead of Vasil upgrade

On August 26, ADA fell to $0.43 but gradually recovered to around $0.45 by September 2, 2022. Between September 2nd and the publication of this article, the price finally reached $0.50. The market cap also rose to $16,818,245,850, surpassing that of Ripple Labs cryptocurrency XRP, which was $1.6 billion at the same time.


The Vasil upgrade is one of three hard forks originally described by Hoskinson as part of the Cardano 2022 roadmap. It is part of the “Basho” phase of the project, which aims to improve the scalability and interoperability of the Cardano blockchain with other chains.


The Vasil upgrade aims to improve the Plutus programming language used for developing decentralized applications and the scalability of Cardano. This is intended to reduce the load on the network and reduce transaction fees. With the launch of the blockchain-owned NFT marketplace jpg.store and the decentralized exchange SundaeSwap, a problem with the current Cardano mainnet became apparent : Both launches brought slow transaction speeds and network congestion, with a corresponding negative impact on the user experience.


Vasil will also reduce block transfer latency. So the time it takes for a block of transactions to propagate across the network.


Experts predict a positive price development

Cardano has generally performed positively with major software upgrades. For example, from February 1, 2021 to March 1, 2021, the date of the Shelley hard fork, the ADA price rose from USD 0.356 to around USD 1.30. Between July 21, 2021 and September 2, 2021, ahead of the Alonzo hard fork on September 12, 2021, the cryptocurrency saw a surge from $1.06 to an all-time high of around $3.09.


A full 53 fintech specialists expressed bullishness on the Cardano price in a recent survey by Finder.com, forecasting $0.63 by the end of 2022, even $2.93 by the end of 2025 and by the end of 2030 $6.54.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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