Cardano (ADA) Price Reacts Poorly To Vasil Hard Fork
September 23 2022 - 01:00PM
NEWSBTC
The Cardano Vasil hard fork had been expected for months, and
finally, it is a reality. The hard fork had proceeded according to
schedule, and by Thursday, September 22nd, the hard fork was live
on the network. It was received amid much fanfare from the
community, but the network’s native token, ADA, had not reacted as
well. Cardano Vasil Hard Fork Completed The Cardano Vasil hard fork
was targeted toward making the network more efficient than it is
already. In turn, this would make it a better platform for
developers to build upon. It is the most important upgrade that has
been carried out on the blockchain, and its completion is a call
for celebration for the community. Related Reading: Stabilizing
Ethereum Funding Rates Suggests Recovery Might Be In The Works With
the upgrade, the already inexpensive transaction fees of the
Cardano blockchain will become even cheaper. It adds more space,
which increases the size of each block, making it able to save
higher amounts of data. ADA trending at $0.45 | Source:
ADAUSD on TradingView.com Transactions will be even faster with the
upgrade. The increased block size also plays into this, as the
increased data storage space means an increase in speed. So not
only will users get faster transactions, but they would also be
paying below $0.16 per transaction on the network. ADA Price
Doesn’t React Well The completion of the Cardano Vasil hard fork
has not had a positive impact on the price of its native digital
currency, ADA. There had been an uptick in the price of the digital
asset, but it had been unable to exceed a 6% growth in a 24-hour
period. ADA’s price had jumped upon the completion of the hard
fork, rising close to $0.5, but it was unable to hold this point.
It subsequently dropped back to the $0.45 level it had been
trending at before the upgrade was completed, normalizing around
this price point. Related Reading: Fed Interest Rates Hike Spur
Crypto Market Liquidations Of More Than $330 Million This came as
no surprise, though, given the price movements of the
cryptocurrency over the last couple of months. A report from
Messari in the month of August showed that the event was already
priced into the price of ADA, meaning there was no significant
change in price expected for the digital asset. Vasil, which was
named after mathematician Vasil St. Dabov who was an active member
of the Cardano community, had been postponed twice in the past. By
the time a finalized date was announced, the hype had already died
down, and ADA had taken its price in tandem with the current bear
market. Featured image from Analytics Insight, charts from
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