The crypto community has predicted that the price of Cardano’s native $ADA token will surpass the $1 mark by the end of June, after the implementation of the Vasil hard fork, which is set to deliver considerable improvements to the network.
A poll run on CoinMarketCap’s “price estimates” tool, first spotted by Bitcoin.com, has seen over 24,460 cryptocurrency enthusiasts vote that the price of $ADA will hit $1.06 by the end of June, with 15,900 votes believing the cryptocurrency’s price will drop to $0.97 by the end of July.
Track live crypto price of 10000+ coins!
Both predictions would see ADA’s price appreciate significantly. At the time of writing, the cryptocurrency is changing hands at $0.57 according to CryptoCompare data after recovering from a $0.40 low seen earlier this year. Cardano was last above $1 in April of this year.
The community’s prediction is relevant as it’s pointing to a date after the Vasil hard fork is implemented on the network. The hard fork is expected to be implemented on June 29 and according to Cardano’s Charles Hoskinson will deliver a “massive performance improvement.”
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). These include CIP-31, which introduces a “new kind of input, a reference input, which allows looking at an output without spending it,” as well as CIP-32, which allows for “simpler communication of datum values between users.”
Included in the hard fork is also CIP-33, which proposes reference scripts “be attached to outputs, and to allow reference scripts to be used to satisfy script requirements during validation, rather than requiring the spending transaction to do so.” CIP-33 will “allow transactions using common scripts to be much smaller.”
Finally, the hard fork includes CIP-40, which adds collateral outputs that remove the “need for wallets to explicitly set collateral.”
The hard fork has already seen ADA outperform numerous other cryptocurrencies, even amid a wider cryptocurrency market downturn exacerbated by the collapse of the Terra ecosystem. That performance saw ADA become the sixth-largest cryptoasset by market capitalization this week, surpassing $XRP.
Activity on Cardano has also been rising, with over 5 million native assets having now been minted on top of the Cardano blockchain, doubling the figure seen at the end of last year. There are now 5.01 million native assets on Cardano deployed across over 54,800 policies. Minting policies, according to Cardano’s documentation, are a “set of rules that govern the minting and burning of assets scoped under that policy.”
Native tokens themselves are bespoke assets that can be interacted with “right out of the box – without the use of smart contracts.” The network’s documentation notes native assets can “practically be treated as ada in every sense because the capability is already built-in.”
Data has also shown that ADA whale transactions have shot up to a 4-month high after the price of the cryptocurrency plunged to a bottom at $0.40 earlier this year. Whales were seemingly buying the dip ahead of the Vasil hard fork.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: