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Cardano Breaks $0.50 Amid Excitement Ahead of Vasil Hard Fork

Cardano Breaks $0.50 Amid Excitement Ahead of Vasil Hard Fork

Cardano (ADA) is making headways in crypto discussions of recent, as a release date for the elusive Vasil Upgrade gets announced. Reports show the long-awaited hard fork will go live on September 22, just days after the Ethereum Merge upgrade. Analysts and traders expect this flurry of blockchain updates to have a noticeable effect on the market sentiment in September.

Confirming the release date over the weekend, Charles Hoskinson, Cardano founder, explained that the final date was reached after thorough consultation with “all the teams” and only after they expressed unanimous satisfaction with the progress.

Cardano Founder Charles Hoskinson
Cardano Founder Charles Hoskinson

The Cardano boss also explained that while being somewhat random, the date was significant for two reasons. The first reason is that September 22 was the Independence Day of Bulgaria. The second reason was that the upgrade, Vasil, was named after Zidi Vassel, a deceased Bulgarian mathematician who played an influential role in the development of the Cardano ecosystem.

Cardano On-Chain Metrics Shows Notable Growth

In other news, on-chain reports show that Cardano’s development activity was on the rise again, as highlighted by a 25-thread-long Twitter post from a Cardano insight platform.

According to the Twitter thread, Cardano is the only blockchain protocol after Ethereum to launch a DeFi ecosystem without needing VC coverage. The tweet noted that this fact is visible in the independent manner with which Cardano’s DeFi protocols operate, an attribute it claimed its competitors lacked.

Source: Cardano
Source: Cardano

Meanwhile, Cardano shared its monthly development report on September 2, which highlighted that the network continues to record notable progress. Excerpts from the report showed that the network facilitated 49.1 million transactions. While up by close to 4.5% from July, the total facilitated transactions is a shell of what was recorded earlier this year and last year.

Furthermore, the top 10 Cardano dApps (based on TVL) revealed that they have upgraded their platforms to the latest v.1.35.3 and are set for the mainnet upgrade.

ADA Price Reaction to the Upcoming Upgrade

While the broader market remains entrenched in a bearish bias, the expectations for the Vasil upgrade have triggered excitement among some ADA traders, as seen with the recent price action. The recent uptick comes after several weeks of inertia in price and uncertainty among investors.

ADA/USD 4-Hour Chart on TradingView
ADA/USD 4-Hour Chart on TradingView

According to data from CoinMarketCap, Cardano sits on a 5% rally over the past 24 hours and a 14% spike in the last seven days, all of which were recorded over the last three days. The recent rally also helped Cardano overtake Ripple (XRP) as the seventh-largest cryptocurrency by market capitalization.

As the market enters a new week, the possibility of a steady bullish recovery seems likely as the dollar is expected to ease out of its record-breaking rally.

ADA Statistics Data

ADA Current Price: $0.503

ADA Market Cap: $17.2B

ADA Circulating Supply: 34.18B

ADA Total Supply: 34.85B

ADA Market Ranking: #7

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Disclaimer
This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.


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