Considering the launch of the most anticipated hard fork on the Cardano blockchain, dubbed ‘Vasil,’ investors expect more growth for the crypto project in near future. Consequently, traders’ actions over the tentative launch of the most significant upgrade of the project pumped ADA’s value more than other top-ranked digital assets’ gains.
The upcoming upgrade will take place on June 29, 2022. And it will possibly impact the adoption of the Cardano network more than its previous hard forks.
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Per the trading stats of June 6, ADA has left behind major cryptocurrencies as investors see potential in the latest upgrade. As that aims to enhance blockchain capabilities to execute smart contracts.
An example of it is yesterday’s upsurge of 14%, reaching its value of $0.64. On the other hand, its biggest competitor Ethereum was able to gain 6% at the same time.
Notably, Cardano, a proof-of-stack blockchain platform, has already experienced large increases in the price many times whenever hard forks happened in the past. An example of it is the Alonzo upgrade which skyrocketed ADA’s price by more than 200%, launched in September 2021.
Likewise, Mary hard fork launched in March 2021 saw a massive gain of up to 1,600% in the ADA’s price.
What Trapped ADA’s Bulls?
The previous hard forks occurred in an expansionary macro-environment with the price rallies driving huge profits. During that time, Federal Reserve was buying government bonds for $120 billion each month.
But unfortunately, after considering the continuous higher inflation, the U.S. central bank has now turned aggressive. As a result, analysts have been now pointing out there is less U.S dollar liquidity to purchase highly volatile assets, including cryptocurrencies and stocks.
Like the entire crypto market,…
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