Home CryptocurrencyAnalysis Cardano (ADA) Price reacts poorly to Vasil hard fork

Cardano (ADA) Price reacts poorly to Vasil hard fork

by SuperiorInvest

The Cardano Vasil hard fork has been awaited for months and is finally a reality. The the hard fork proceeded as plannedand on Thursday, September 22, the hard fork was live on the network. It was adopted with much fanfare by the community, but the network’s native token, ADA, did not react in the same way.

Cardano Vasil hard fork completed

The Cardano Vasil hard fork was aimed at making the network more efficient than it already is. This in turn would make it a better platform for developers to build on. It is the most important upgrade that has been made to the blockchain, and its completion is a call to celebrate for the community.

The upgrade will make the already cheap transaction fees of the Cardano blockchain even cheaper. It adds more space, which increases the size of each block, allowing more data to be saved.

ADA trending at $0.45 | Source: ADAUSD on TradingView.com

Transactions will be even faster with the upgrade. A larger block size also comes into play, as more space for data storage means an increase in speed. So not only will users get faster transactions, but they will also pay less than $0.16 per transaction on the network.

The ADA price does not respond well

The completion of the Cardano Vasil hard fork did not have a positive impact on the price of its native digital currency ADA. The price of the digital asset rose, but was not able to exceed 6% growth in 24 hours.

The price of ADA jumped to near $0.50 after the hard fork was completed, but failed to hold that point. It subsequently dropped back to the $0.45 level it was hovering at before the upgrade was completed and normalized around that price point.

However, given the cryptocurrency’s price movements over the past few months, this was no surprise. AND message from Messari in the month of August showed that the event has already been factored into the ADA price, meaning that no significant change is expected for the digital asset.

Vasil, which was named after the mathematician Vasil St. Dabov, who has been an active member of the Cardano community, has been deferred twice in the past. By the time the final date was announced, the hype had died down and ADA took its price in tandem with the current bear market.

Featured image from Analytics Insight, charts from TradingView.com

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