Why Cardano (ADA) Holders Might Rejoice Even Before Vasil Fork Rolls Out
It’s about time Cardano takes over the market as the Merge hype settles. The Vasil upgrade is due in September, and the cryptocurrency community is closely watching the ADA blockchain. Recently, Input Output Global tweeted about remarkable developments that occurred last week about the Vasil fork.
The latest announcement disclosed that overall transfers on the Cardano platform hit 50 million. Also, the native token count saw a similar surge, surpassing 6 million. IOG revealed that Marlowe developers tested Plutus validators within a mock testing atmosphere. Also, they implemented a transaction-balancing and coin-selection algorithm for Marlowe.
Furthermore, the Daedalus team tested the Trezor firmware. The notable change is the PreProduction environment will fork on September 19, before the mainnet fork. Though the multiple developments around the Cardano blockchain, its coin’s price remained put.
Moreover, the altcoin recorded an 8% decline in network growth within the past seven days. Nevertheless, a respite is ADA’s price soared approximately 2% within the past 24 hours. While publishing this post, ADA changed hands at $0.4766, with a $16,289,324,035 market cap.
Good Vibes Only for ADA?
Multiple metrics favored ADA less than one week into the Vasil upgrade, indicating lucrative days ahead. For example, ADA’s development activity maintained constant surges within the previous month, which corresponded to the latest updates on the platform.
Cardano’s 30-day MVRV (Market Value Realized Value) Ration also recorded an upside. And that could lead to further price hikes. Furthermore, the token’s social dominance increased over the past week. That showed surged interest from crypto enthusiasts and investors in the altcoin.
Nevertheless, CryptoQuants data shows Cardano’s RSI (Relative Strength Index) and Stochastic hovered at neutral levels. Considering ADA’s present price movements, metrics, and platform developments, investors can expect lucrative news as the Vasil nears.
Meanwhile, the crypto market attempted revivals following the latest fall. The global crypto market capitalization gained 1.30% within 24 hours to $973.52 billion. Also, Bitcoin gained 1.08% over the past day, weakly trading beyond the $20K mark. The leading crypto hovered at $20,052.66 during this publication.
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