A few hours before the launch of a new update in the test version, the Cardano blockchain grew strongly this Tuesday, May 31st. Raising that allows the ADA XRP signal to double.
Cardano (ADA): + 20% in 24 hours!
Despite the context of the continued rise of the crypto market on Tuesday, ADA signal performance outperformed the market in large widths.
At the time of writing, Cardano’s price is $ 0.6125, an increase of 18.4% over the last 24 hours. At the height of the day, the 24-hour rise even exceeded 30%. This strong appreciation of the token allows the project to settle in the sixth largest cryptocurrency market with $ 21.5 billion. Thanks to this increase, the project has just surpassed another crypto behemoth: XRP, carried by the company Ripple.
This increase only sometimes comes away from Vasil upgrades. Upgrade to be launched via testnet Thursday before Mainnet rollout is scheduled for June 29th. As for the Cardano ecosystem, this is the biggest update since last September’s Alonzo fork. This new update should work on the scalability and usability features of the network. This update includes a complete rework of Plutus script submission logic.
Through several CIPs (CIP31, CIP32, CIP33 and CIP40), the update should improve network decentralization. Ensuring a reduction in transaction costs.
Cardano: Interoperability goal
This is a strong axis of development for most tier 1 blockchains. And at this point, it is clear that Cardano is rapidly advancing. And maybe faster than the competition.
By collaborating with Wanchain, IOHK, behind the Cardano project, is actively working to enable interoperability on the Cardano network. Interoperability project leaders want to see with side chains but also with it another layer 1 blockchains like Solana, Ethereum or Polkadot. In the long run, this strategy could finally pay off for Cardano.
Price level still far from ATH
If some people hope to return to the ATH with this start, we are still far from such a situation. At the height, last September, the ADA signal was trading for $ 3.10. So the price of the token has dropped by almost 80% in the last 9 months.
According to the prediction algorithms, most platforms always seem to agree on a long-term uptrend. So DigitalCoinPrice platform forecasts suggest the signal could be found dollar threshold by the beginning of 2023. As 2030 approaches, the sign could even flirt with its ATH. Clearly, these forecasts need to be considered with tweezers, especially for those who take the long term as a benchmark.
Crypto-assets are a risky and volatile investment.
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