Cardano’s capitalization increased by $2 billion in 24 hours

Historical data shows that the price of ADA increases in the periods leading up to a hard fork

14.06.2022 - 13:35

185

2 min

What’s new? Over the past 24 hours, the native token of the Cardano (ADA) blockchain has seen strong growth, rising in price by more than 10%. As of June 14, 13:50 UTC, the altcoin is trading at $0,49, according to Binance. The asset’s market capitalization rose from $15,02 billion to $17,12 billion despite a general drop in asset prices in the cryptocurrency market, according to CoinMarketCap. The figure later dropped to $16,8 billion.

Souece Finbold.com

Why might the value of altcoin have risen? Historical data suggests that ADA’s price increases in the periods leading up to the hard fork. The Vasil upgradeis scheduled to go live and launch on the mainnet on June 29 and is now in the final stage of preparation. Cardano founder Charles Hoskinson described it as “a basket of improvements related to the scalability side and also development experience,” stating that the blockchain is “growing exponentially” in preparation for its major upgrade.

Souurce: Finbold.com

What is known about the Vasil hard fork? The Vasil Hard Fork Combinator (HFC) upgrade will improve performance by significantly increasing throughput and reducing latency in block transmission. The Verifiable Random Function (VRF), Ouroboros, will also be optimized. VRF processes cryptographic input data and produces random output data.In mid-April, the number of large ADA token holders reached a 2-year high. Large investors, whose wallet balance is at least 10 million ADA, held 46,6% of the total number of tokens

Author: