On-chain Cardano metrics show a decline in transactional activities on the network.
Cardano price chart paints ‘Burj Khalifa’ with 7-month losing streak — More losses ahead?
Cardano (ADA) Price Reacts Poorly To Vasil Hard Fork
The Cardano Vasil hard fork had been expected for months, and finally, it is a reality. The hard fork had proceeded according to schedule, and by Thursday, September 22nd, the hard fork was live on the network. It was received amid much fanfare from the community, but the network’s native token, ADA, had not reacted as well.
Cardano Vasil Hard Fork Completed
The Cardano Vasil hard fork was targeted toward making the network more efficient than it is already. In turn, this would make it a better platform for developers to build upon. It is the most important upgrade that has been carried out on the blockchain, and its completion is a call for celebration for the community.
With the upgrade, the already inexpensive transaction fees of the Cardano blockchain will become even cheaper. It adds more space, which increases the size of each block, making it able to save higher amounts of data.
ADA trending at $0.45 | Source: ADAUSD on TradingView.com
Transactions will be even faster with the upgrade. The increased block size also plays into this, as the increased data storage space means an increase in speed. So not only will users get faster transactions, but they would also be paying below $0.16 per transaction on the network.
ADA Price Doesn’t React Well
The completion of the Cardano Vasil hard fork has not had a positive impact on the price of its native digital currency, ADA. There had been an uptick in the price of the digital asset, but it had been unable to exceed a 6% growth in a 24-hour period.
ADA’s price had jumped upon the completion of the hard fork, rising close to $0.5, but it was unable to hold this point. It subsequently dropped back to the $0.45 level it had been trending at before the upgrade was completed, normalizing around this price point.
This came as no surprise, though, given the price movements of the cryptocurrency over the last couple of months. A report from Messari in the month of August showed that the event was already priced into the price of ADA, meaning there was no significant change in price expected for the digital asset.
Vasil, which was named after mathematician Vasil St. Dabov who was an active member of the Cardano community, had been postponed twice in the past. By the time a finalized date was announced, the hype had already died down, and ADA had taken its price in tandem with the current bear market.
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Cardano (ADA) Price Fails To Break $0.5 Despite Vasil Hype
The Cardano Vasil hard fork has been in the works for a while now. Hype for this hard fork had been overshadowed by that of the Ethereum Merge, but now that the Merge is done and out of the way, the focus has now fallen back on the Cardano network once more. Given this, there has been much optimism about where the price of ADA is going from here, but the digital asset has not given any indication of positive movement.
ADA Fails To Move
With the Cardano Vasil hard fork drawing closer, investors have been expecting the kind of market run-up that preceded the Ethereum Merge. However, the price of ADA has not been responding in the same way since it continues to trend low.
The digital asset has suffered various dips during this time that has brought it down to $0.44 during this time. Even with the news of the hard fork and a definite date for the upgrade, there has been no significant increase in the price of the digital asset. Instead, ADA has succumbed to the general market trend and has remained in the red over this time.
Over the last 24 hours, the price of ADA has been sliding. It has lost 10.76% already in the last day and is down 14.41% over the longer time frame of 7 days. The bearish outlook for the digital asset continues to wax strong, keeping the digital asset from reaching the $0.5 point.
Cardano is currently seeing significant resistance at $0.47. Support levels for the digital assets are not as strong as expected, making it easy pickings for the bears. Presently, the odds of ADA getting to $0.5 is growing slimmer with each day.
Cardano Hard Fork Coming Up
The Vasil hard fork is scheduled for September 22nd, and Cardano founder Charles Hoskinson has assured the community that everything is going as planned. The founder said this in a live broadcast that garnered more than 44,000 viewers, where he explained that the hard fork had actually been triggered.
This shows that the requirements for the Merge to begin have been fulfilled, and the hard fork is ready to be carried out. The developer behind the Cardano network, IOG, has also dropped statements that speak to the readiness of the network for the upgrade.
IOG explained that the completion of the upgrade would make the network more developer friendly. Higher functionality, performance, and scalability are expected following the upgrade. The Vasil hard fork is now the most anticipated upgrade in the crypto space.
As for the price of ADA, selling pressure is still mounting in the market. Demand has declined, causing the tokens to be valued lower than they did a year ago. Nevertheless, Cardano is still a dominant cryptocurrency, ranked as the 8th largest cryptocurrency with a market cap of $14.94 billion.
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Top Exchanges Mark Readiness For Vasil, Can Cardano Rally To $1?
The Cardano Vasil hard fork is currently the second most anticipated upgrade in the crypto space, right behind the Ethereum Merge. This hard fork is just as important to the Cardano network as it not only improves the experience of developing on the network, it also strengthens the security of the blockchain. September has now been set as the month of the hard fork, and the most recent announcement from IOG shows that the network is almost there.
Top Exchanges Getting Ready For Vasil
Previously, IOG, the developer behind the Cardano network, had made it known that it needed to reach three different metrics for the hard fork to be completed. These included that at least 75% of all SPOs would have upgraded the final node version, the top 10 decentralized applications (DApps) would have upgraded to Vasil-supported nodes, and lastly, was that at least 25 top exchanges which represented 80% of all ADA liquidity would be ready for the upgrade.
The first two metrics had quickly been hit. This is no surprise given both of these requirements needed to be carried out by the SPOs and DApps who were already Cardano natives. The exchanges part has proven to be the most difficult. However, some exchanges have taken the bull by the horns and have since become ready for the hard fork.
Among the top exchanges that have reported readiness for Vasil are Gate.io, OKX, BTCTurk, and WhiteBit. All of these exchanges are now able to support ADA post-hard fork. IOG tweeted this on Tuesday in addition to more information that 94% of all blocks are now produced using Vasil-friendly nodes. Exchanges that have previously reported readiness are LCX, NDAX, and Bitrue. Others, such as Binance, Kraken, Bitfinex, Hotbit, and Upbit, are all reportedly in the process of adding support for Cardano post-upgrade.
Will Cardano Break $1?
Ever since the price of ADA hit its all-time high of $3.10, it has been a consistent downtrend since then. However, just like the news of the hard fork that brought smart contracts capability to the network had been behind the tremendous run, the Vasil hard fork carries similar possibilities.
This was seen back in July when the hard fork was first announced. ADA’s price had rallied above $0.5 before the news of postponement had dropped. This time around, a date has been set for the hard fork, which will likely trigger an upward rally for the digital asset.
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However, the possibility of the price of ADA touching $1 remains very slim. The digital asset would have to do a 100% growth from here to reach this price point. Given the current market trends, there is not enough momentum for it to reach this level.
A more attainable price point is set at $0.6, depending on how investor sentiment turns out at this point. But there would need to be significant buy pressure to be able to push ADA to reach this point in the next 2 weeks.
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IOG Says Cardano Vasil Hard Fork Is Almost Here, But What Is ADA Doing?
With each passing day, Cardano inches closer to one of its most important upgrades yet, the Vasil Hard Fork. IOG, the developer behind the Cardano network, had outlined three important milestones that the network needed to reach for the hard fork to be triggered. With the first of the three metrics already met at this time, the upgrade is closer than it has ever been, as confirmed by the developer.
Nearing Cardano Hard Fork
When the developer had previously confirmed that there were no longer any bugs in the Vasil hard fork, it had moved towards fulfilling the requirements for the upgrade to be completed. The first of these requirements was that at least 75% of all SPOs had upgraded to the final node version. As of the time of this writing, the team confirmed that more than 80% of all mainnet blocks are now being produced by Vasil nodes.
Second of the metrics that needed to be hit was that the top 10 of the top DApps by TVL on the Cardano network will have updated to the Vasil-supported nodes. A Twitter announcement confirmed that more than 70% of DApps have now confirmed successful pre-production testing.
The last of the requirements was that at least 25 exchanges which represented about 80% of all ADA liquidity, will have upgraded to support the network post-hard fork. This is the last step that remains for the hard fork to be triggered.
ADA price dumps to $0.45 | Source: ADAUSD on TradingView.com
IOG confirmed that 2 crypto exchanges are fully ready for the hard fork, with at least another 27 exchanges in the process of integrating. With only this metric left to hit and 5 of these exchanges said to be the top 5 exchanges for liquidity, the network is now in its final stages of implementing the Vasil upgrade.
What Is ADA Doing?
As with anything, the price of Cardano’s native token ADA is usually affected by such an important update. Especially given the fact that the community has been waiting on the completion of the upgrade for more than two months now.
However, unlike in previous times, the ADA price has not been as responsive to the news as expected. The digital asset continues to cling tightly to the $0.44 level without any significant movement up or down. It is also trading well below the 50-day moving average, triggering bearish sentiment among investors.
With most of the requirements already completed, it is likely that the Cardano hard fork will be completed within the next two weeks. But with the price of ADA not seeing any significant movement at this point, large upward movements are not expected.
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Cardano (ADA) Price Remains Low Despite Buzz Around Vasil Hard Fork
Talk around the Cardano (ADA) Vasil hard fork has been circulating in the crypto space for the last month. The hard fork which was supposed to go live back in June had been rescheduled to July due to security issues but that has in no way reduced the enthusiasm around the hard fork. The new date was set for the end of July and as the day draws closer, the community has been buzzing with excitement. However, this has failed to translate to its price.
The Cardano Vasil Hard Fork
The growth of the Cardano network has made it a necessity for it to be upgraded and IOG, the developer behind Cardano, has not failed its community in this regard. The network with the most development going on, as it is being referred to, Cardano has seen an influx of developers looking to build on its platform. There are currently more than 1,000 projects being built on the network and this is despite the fact that it uses a programming language that is not as popular as others.
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With the Vasil hard fork, Cardano will be able to provide even cheaper transactions on its network. It will implement the CIP-33 mechanism that will lower the cost of transactions by reducing their size. This new “weight” will also make for faster transactions across the network.
Additionally, the Vasil upgrade will make it much easier for developers to adapt to the Cardano network. This newfound ability will no doubt pull more devs to the platform, which will further the growth of the network. It is even expected that the ease of use may trigger an influx of developers who have been working on other Layer 1 blockchains to move to Cardano.
ADA price declines to $0.42 | Source: ADAUSD on TradingView.com
These are the reasons why there is a lot of excitement in the community regarding this. However, the impact on the price of the digital asset has been less than promising, prompting concerns about the ability of Vasil to move the price.
ADA Continues To Struggle
Back in June when the Vasil Hard Fork had received a set date, the price of Cardano’s native token ADA had soared off the back of the news. The same was expected to happen as the hard fork draws closer this time around but that has not been the case.
Even with the community buzzing about the hard fork, the price of ADA has refused to budge. The digital asset continues to maintain its low momentum and there has been no significant recovery in its price. Instead, the price has been on a downtrend over the last seven days, touching as low as $0.42.
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Nevertheless, the hard fork remains about two weeks out and as it draws closer, there is no doubt anticipation will grow. This will most likely happen in the last week of July when anticipation is highest. Hence, there could be some recovery in store for the cryptocurrency. However, it is not expected to be large given its current momentum. Indicators put the price of ADA at around $0.5 leading up to the hard fork, but anything higher may not be possible.
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Can Cardano (ADA) Reach $4 To Surpass Ethereum Market Cap?
The eighth-largest cryptocurrency, Cardano (ADA), has shown some indications of life during the last two weeks. The network’s minor improvements were what actually encouraged investors’ hope. After that, Cardano must work even harder to surpass $4 and catch up to Ethereum in terms of market capitalization.
According to CoinGecko’s data, ADA is now trading at about $0.48 with a 7-day gain of almost 5%. So, without a doubt, the network requires a lot of support if it wants to move the token beyond the $4 threshold successfully.
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In recent years, Ethereum has ranked second to Bitcoin in value. Despite a significant increase in value since its inception, Cardano is certainly one of the most significant blockchain networks in the market, and its native coin ADA ranks in the top 10 currencies.
Per the Nomics statistics, the market cap of ADA is currently approximately $16.21 billion, while the market cap of ETH is roughly $147.93 billion. ADA accounts for just 10.93% of Ethereum’s market capitalization.
Well, to match the market valuation of Ethereum, Cardano will have to surge by 9.25x. ADA would then trade at a price of $4, representing a gain of 823.39%.
Furthermore, ETH has gained nearly 13% over the past week and is presently trading at $1,215.41. According to CoinGecKo statistical data, the daily trading volume for ETH is over $13,928,520,299, while the daily trading volume for ADA is almost $799,420,941. In addition, ADA is down 84% from its peak of $3.09 on September 2, 2021, or almost 10 months ago.
ADA is currently trading at $0.480 on the daily chart | Source: ADA/USDT chart from Tradingview.com
Ethereum Vs. Cardano
Anyone interested in cryptocurrency must be aware of the Cardano vs. Ethereum debate. Because both networks offer comparable services, Cardano (ADA) and Ethereum (ETH) are frequently compared.
This is due to the features that both Cardano and Ethereum’s blockchain technologies offer. As a comparison, the infrastructure of Ethereum is more constrained, which results in higher operating costs, higher energy consumption, and slow transaction speeds.
ADA, which positions itself as an alternative blockchain, essentially seeks to offer a solution to Ethereum’s issues. But unfortunately, its progress has been sluggish.
The method used to build blocks and validate transactions, though, is what distinguishes them from each other. The main distinction at this time is that Cardano’s proof-of-stake Ouroboros consensus algorithm is proven to be more adaptable. The method is more efficient than Ethereum’s proof-of-work blockchain.
Development Of Cardano To Compete With Ethereum
Following the Alonzo upgrade, the Cardano network was compatible with smart contracts. The so-called Ethereum killer is aiming to introduce the most anticipated Vasil hard fork.
Technology’s inherent traits that keep it current and make it susceptible to aging are development and upgrades. Network changes termed “hard forks” are also necessary for blockchains.
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Analysts anticipate that Cardano will keep its worth in the future. Moreover, they believe rebuilding will be favorable to the project, given that its forthcoming Vasil hard fork may present a chance for a price hike.
Nevertheless, the good news is this Vasil, a much-anticipated upgrade from Cardano (ADA) that seeks to boost the network’s scalability and performance, has “successfully” completed its testnet run and is scheduled to go live on the mainnet (public blockchain) within 30 days.
Featured image from Flickr, chart from Tradingview.com
‘Disappointing’: Cardano devs delay Vasil hard fork by a month
While IOHK admitted the news was disappointing, the firm stated it is taking an “abundance of caution” to ensure the Vasil upgrade is implemented correctly.
Cardano Vasil Hard Fork Launch Date Set, Time To Buy The News?
The highly anticipated Vasil Hard Fork on the Cardano network has been rescheduled. The hard fork was expected to push forward work that had been done on the network over the last couple of years. Due to this, the news of the June 29th launch had sparked a lot of enthusiasm for the network and had seen the price of its native token, ADA, surge. Now, with the delay, investors have had to reassess their stance and strategy when it comes to Cardano.
When Is Vasil Hard Fork Launching?
According to a blog post from IOG, the developer behind Cardano, the launch date for the Vasil Hard Fork had been moved back by another four weeks. So instead of launching next week as was previously announced, users will have to wait until the last week of July for the hard fork to be completed.
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Delays like these are not new in the crypto space. Ethereum’s move to the consensus layer has been in the works for a while now and has been subject to many delays over this time. Cardano notes in the blog post that the reasons for the delay have been the bugs that have been found to date. In particular, there are seven bugs that the developers are working to figure out. Although none of them are particularly ‘severe’.
ADA price declines to $0.49 | Source: ADAUSD on TradingView.com
The post also notes that the developer is 95% done with the Plutus V2 test scripts. Adding that the Vasil hard fork had been the most complex development and integration on the network to date and as such, has been a challenging process.
Time To Buy Cardano?
Like with anything, an important upgrade such as the Vasil Hard Fork can carry various implications for the price of the digital assets themselves. This is why investors are always trying to time and buy along with times when there will be the most hype.
Since the upgrade has been pushed further by another four weeks, it has pushed the buying opportunity far back. If the price of the digital asset were to fall below its 20-day moving average in the next three weeks, it would present a good opportunity to enter the cryptocurrency in a bid to catch the height of the hype.
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Mostly, when “buy the rumor and sell the news” comes into play, it is best to always purchase the cryptocurrency right before the rumors begin. And then around the time of the launch will see a good amount of dumping which is when the price declines. This was the same thing that occurred prior to and after the launch of smart contracts capability on the Cardano network.
The price of the digital asset is currently trading at $0.504 at the time of this writing. The next major resistance point lies at $0.55 while support is available at $0.43.
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Will The Vasil Hard Fork Trigger A Cardano (ADA) Bull Run?
Cardano has been looking towards its most recent hard fork titled the Vasil Hard Fork. This will improve not only the network efficiency but is said to make the network more developer-friendly as a whole. The countdown to the hard fork has been a source of hope for many. Given that the price of Cardano’s native cryptocurrency ADA has been struggling so hard, the hope is that the launch of the hard fork will give it a nudge towards recovery.
Why Is Vasil Hard Fork Important?
For a network like Cardano which is seeing rapid growth, it becomes imperative for the network to run even better than it already does. This includes better network speed and of course, higher throughput and scalability to handle all of the activity.
With more than 1,000 projects being developed on the network, Cardano is also looking to make the network more developer-friendly. More projects are expected to jump on board given its better functioning compared to Ethereum and the network plans to accommodate all of these with ease.
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There are still more than two weeks to go for the launch of the Vasil hard fork on the mainnet but there are already a lot of talks and hopes surrounding it. It is currently running on the Cardano testnet, improving the efficiency of smart contracts. After the June 29th launch, smart contracts on the Cardano network will be cheaper and faster in terms of their functioning.
ADA downtrend continues | Source: ADAUSD on TradingView.com
Vasil follows the most significant hard fork yet on the Cardano network; the Alonzo hard fork. Alonzo had brought smart contract capabilities to the network. However, Vasil will build and improve on this foundation to make it a more efficient network.
Cardano (ADA) On The Charts
The price movements of Cardano (ADA) over the last six months have been brutal. The digital asset which had peaked at $3.10 has simply lost all of its holds causing it to crash down more than 80% from this all-time high value. This has put the cryptocurrency in the hands of the sellers and they continue to drag the price down.
ADA has, however, seen some significant recoveries which have brought it close to its 50-day moving average. But as long as it continues to trend below this line, the outlook is still bearish for ADA. It is also significantly below its year-to-date moving average and this, too, paints a bearish picture for the altcoin.
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Nevertheless, investor outlook toward the digital asset has been turning for the better. This is mostly due to the anticipation around the Vasil hard fork. The growth of the Cardano DeFi sector has also played a big role in this improvement in positive sentiment. If this continues, ADA may see the $1 mark before the month runs out.
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400 new projects and 100K new wallets in a month on Cardano
The number of ADA wallets has increased by 100,000 since March 22, with the total figure standing at 3.268 million as of April 19.
