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On September 22, 2022, 9:44 p.m. UTC, the Cardano Blockchain underwent the Vasil Hard Fork upgrade. However, some of the features will get activated on September 27. This update will result in quicker payments and cheaper costs for users. Additionally, the network’s addition of Layer 2 capability through Hydra will boost the scalability of decentralized […]
AADA’s Total Value Locked had significantly increased by $366,898. Currently, Cardano has 60K active addresses. Many exciting developments leading up
Cardano’s new version of the Daedalus wallet would remove older Daedalus executables. Cardano (ADA) has price surged by more than
Cardano (ADA) has not had the best start to the year 2022. The digital asset which had hit its all-time high above $3 in 2021 continues to suffer more downtrends in the market which has left it struggling below $1. Despite this, the digital asset is still doing quite well on a year-to-date basis, although not as good as the community would like. The recent uptrend in its price has pushed it closer to $1, but how soon can the cryptocurrency hit it? ADA To $1? A look at the charts does not spell good news for Cardano over the short and long term. This is because, despite the recent recovery that saw ADA put on 7%, it still continues to trade below the 50-day moving average. This indicator points to there not being any buying pressure over the short term for the digital asset, hence making this strictly a seller’s market. Related Reading | Trezor Hardware Wallet Introduces Support for Cardano (ADA), Price Reacts ADA’s slide below $1 was undoubtedly one of the worst things that could have happened for the cryptocurrency in the short term. This meant that the digital asset had effectively lost more than 60% of its value in a time when other large contenders are holding up above the loss point. It puts it in a territory where bears have completely taken over the reins and continue to drag the price down. For this reason, while $1 may be close by, there is no strong evidence to suggest that it will hold. One thing though could be the growth of decentralized finance (DeFi) on the blockchain which has been ramping up in recent times. This demand could push enough momentum to see ADA hold above $1, but it is a long shot given the number of competitors in the space. Cardano Still In The Running Despite the price is down, it does not take away from the work that the developers of Cardano have been putting in. The network which is constantly being upgraded to make room for more demand recently completed another upgrade. ADA price nears $1 | Source: ADAUSD on TradingView.com Input Output HK, the developer behind Cardano, announced on Monday that it is has completed another upgrade that will help with scaling on the network. Its most recent upgrade will trigger an increase on a per-block basis, explained the developer, which will increase the Plutus script memory units limits from 56M to 62M, allowing the blockchain to be more scalable. Related Reading | Ethereum Staking Queue Nears All-Time High Ahead Of Mainnet Merge As of the time of writing, ADA is still trading below $1 at $0.955, getting ready to test the $0.998 resistance point. A break above this would put the digital asset right above $1, where it must form significant support or risk losing its footing. Featured image from ItsBlockchain, chart from TradingView.com
Cardano founder Charles Hoskinson discusses new plans for 2022. Company needs more institutions to get stakeholders. Plans to create a ...
Cardano’s latest upgrade, Alonzo, is already showing exceptional results. This marks the first stage of Hoskinson’s plans for better financial
Cardano has placed the launch of smart contracts capability on September 12th. This gives us only two days until the launch. Ahead of this, crypto exchange giant Binance has made moves to make sure that their platform is compatible with it. The announcement was posted by Binance on its official website. The network upgrade and hard fork have been scheduled to take place during epoch 290 or at approximately 12:44 UTC on September 12th, 2021. The announcement noted that the Cardano upgrade and hard fork will not result in the creation of new tokens, neither will it affect the trading of ADA tokens on the platform. Although deposits and withdrawals for ADA will be closed until the upgrade and hard fork have been confirmed to be working properly. Users holding ADA tokens on Binance are also advised to allow sufficient time for their deposits before the cut-off time. While the cryptocurrency exchange will take care of all of the technical requirements associated with the upgrade. Related Reading | Will The Cardano Smart Contracts Upgrade Trigger A “Sell The News” Event? Deposits and withdrawals of ADA tokens will be suspended on 21:14 UTC on September 12th, 30 minutes before the upgrade and hard fork are scheduled to occur. Deposits and withdrawals will remain unavailable for however long it takes the exchange to confirm that the upgrade is implemented properly and safe to carry out transactions on. How Cardano Upgrade Will Affect The Network There are a lot of good things to be said about smart contracts capability coming to the Cardano network. One of these is the ability for developers to build decentralized applications (DApps) on the network, thereby enabling things like decentralized finance (DeFi) protocols and decentralized exchanges. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course With the leading smart contracts platform, Ethereum, getting overwhelmed with usage, it is imperative for other competitors to step up to the plate. The Alonzo Purple upgrade and hark fork puts Cardano in a position to compete with Ethereum when it comes to DeFi services like lending, staking, and yield farming. Also the creation of tokens on the platform and the minting of NFTs. ADA Still Struggling ADA price is still in a downward trend after the crash that rocked the market on September 7th. The token has not seen much recovery in the past three days despite the long-awaited smart contracts upgrade coming up in two days. ADA price in the red | Source: ADAUSD on TradingView.com Currently, the price of ADA is trading in the $2.3 range, after spending the majority of yesterday trying to hold the $2.5 which it had balanced at after an upward correction from the crash. Featured image from Nairametrics, chart from TradingView.com
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