The price of the Cardano has witnessed massive changes over the past month as a result of interest shown by investors. Especially since the Vasil hard fork announcement.
This recent investor interest spike has caused volatility in Cardano’s prices, making the analysis of its charts trickier than expected.
ADA Price Analysis
2022 has been a rocky year for ADA. The cryptocurrency price fell from a high of $2.998 in mid-August 2021 and hit a low of $0.436 in mid-May 2022, as illustrated by the chart below.
Since reaching the $1 mark, ADA showed signs of a price increase in June.
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This price increase was directly influenced by initial news of the hard fork but was short-lived. Prices declined back to the $0.42 mark after reports of unidentified bugs.
With the hard fork approaching, history seems to be repeating itself as the price of cryptocurrency shows signs of an increase.
What Does the Hard Fork Mean to Cardano?
The Vasil hard fork is the third development cycle of the Cardano chain. It is named after Bulgarian Mathematician and Cardano member Vasil Dabov.
The fork is another upgrade to the chain, meant to improve the network’s capacity and reduce the cost of transactions. It is meant to contain several Cardano Improvement Proposals (CIPs)
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So far, Cardano has regained its place as one of the top 10 cryptocurrencies on the radar of whales on the Binance chain.
Like how things went in July, it seems investors are betting on the future of Cardano ahead of the Vasil hard fork.
According to tweets from the whale activity monitoring platform WhaleStats, Cardano’s name became included in the list of the top 2000 Binance chain’s biggest whales in the last 24 hours.
It is not hard to see why this is happening. The Vasil hard fork is meant to add several new features to the Cardano chain. The total market cap of ADA has surged, surpassing the 17 billion-dollar mark ahead of the fork.
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The price of ADA after the fork is expected to surge by about 35%. If this happens, the token is expected to trade at around $0.62.
RobinHood has also included Cardano among its tradable cryptocurrency pairs in recent times.
The hype of this development is expected to add to the volatility of Cardano, adding to how high its price can soar.
Following the successful purchase of Twitter by Tesla CEO Elon Musk, the founder of Cardano expressed his thoughts on how the social media network could be decentralized using cryptocurrencies and blockchain.
In a YouTube video, Charles Hoskinson explained how Dogecoin and Cardano could resolve social media issues like profile verification, fake/bot followers, etc.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
