Cryptocurrency traders are picking up on a prediction that the price of Cardano's native token $ADA will surge by over 56% in August to end the month, up $0.264 from its current price. If they're right, it'll be trading near $0.73.
The ADA cryptocurrency is expected to increase significantly next month, presumably partly because of the Vasil hard fork. This was reported by Finbold, who estimated its price through CoinMarketCap's 'Price Estimate' feature.
The Cardano team is cautious with their newest hard fork, Vasil. The upgrade was initially expected to launch in late June but has been delayed primarily because of the recent Terra crash.
The new update will include four different Cardano Improvement Proposals (CIPs).
The community's price estimate is based on the votes of cryptocurrency users, and it does not guarantee any movement. Instead, this reflects what they expect to happen with cryptocurrency.
The Cardano creator Charles Hoskison has said that a hard fork is set to deliver "massive performance improvements," which may have accounted for its bullish price prediction, made through the average of 14,200 votes on this platform.
The price of ADA could be trading up just 1% from its current level at $0.466 by year-end, according to recent estimates. The accuracy rate for community price predictions has been below 20% since April.
The price of Cardano's native token has been unpredictable. The AI-based model predicted it would surge to $2.9 by September but now indicates a lower value of $2.63.
The panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025 and then again to $6.53 by 2030. Experts predict that by the end of this year, the cryptocurrency will trade at just $0.63.
Investors are betting on Cardano ahead of the hard fork, with many whales moving their funds onto Binance's smart chain.
The median holding time of over 125 days for Cardano ($ADA) on Coinbase is significantly longer than most other top crypto assets, as they HODL through the bear market.
Coinbase's price pages show that Cardano's ADA has a typical hold time of 153 days, meaning users hold onto their assets for that long before "selling it or sending it to another account or address."
The data from the platform reveals that its users typically hold their investments for 130 days in Bitcoin ($BTC), while those investing in Ethereum have a typical holding time of 105. The Solana coin has 100-day expectations when being held by investors on this site.
The cryptocurrency exchange reports that a long hold time "signals an accumulation trend," while a short hold time "indicates the increased movement of tokens." Notably, Coinbase launched ADA staking back in March, with the current staking APY at the time being around 3.75%.
Some interesting statistics from the cryptocurrency exchange. Out of their users, 93% are buying Cardano, while only 7 percent are getting rid of or trading it.