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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano (ADA) Price Remains Low Despite Buzz Around Vasil Hard Fork

Best Owie
Best Owie
1 year ago
3 mins read
cardano

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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.

Related Reading | Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

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.

Cardano (ADA) price chart from  TradingView.com

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.

Related Reading | Ethereum Price Falls Below Critical Level, Will It Hold $1,000?

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.

Featured image from Zipmex, charts from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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