As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility and price swings. However, the recent performance of Cardano (ADA) has caught my attention. With four consecutive days of gains, ADA is steadily climbing the charts, currently up 4.02% in the last 24 hours to $0.40. This resilience amidst the broader crypto market’s rise following June’s lower-than-expected inflation rate is a promising sign.
As a researcher studying the cryptocurrency market, I can report that Cardano (ADA), currently ranked as the tenth largest digital asset by market capitalization, is experiencing its fourth consecutive day of price increases. Following a downturn on Monday that saw ADA reach a low of $0.33, the coin has been gradually climbing higher. If today’s trading session concludes with a positive balance, Cardano will have achieved four straight days of gains.
As a researcher, I’m reporting on the current state of Cardano (ADA) as of this writing. In the last 24 hours, ADA has experienced a significant gain of 4.02%, reaching a value of $0.40. This growth surpassed that of the top 10 cryptocurrencies and resulted in intraday highs of $0.402 for ADA. Moreover, large transaction volumes have risen, amounting to approximately 26.35 billion ADA, a notable increase from the July 9th volume of 17.4 billion ADA. The monetary value associated with these large transactions is estimated at around $10.04 billion based on IntoTheBlock data.
The cost of ADA cryptocurrency is surging in tandem with the overall crypto market, which gained momentum after the reduction in June’s inflation rate. This development could provide the Federal Reserve with the needed justification to initiate a cut in interest rates towards the end of this year.
As a Cardano investor, I’m excited about the upcoming Chang upgrade and have faith in the coin’s history of successful major updates. The price trend has consistently moved upward prior to these events, giving me optimism for potential gains post-upgrade.
Chang upgrade approaches
The Chang update will roll out governance capabilities in a phased manner, allowing smoother implementation for new or additional governance role-holders, and will consist of two separate releases.
With Chang Upgrade 1, we’ll introduce governance functions to Cardano and initiate the technical setup process according to CIP-1694. For Chang Upgrade 2, we remove that requirement from the setup stage, allowing for complete on-chain governance, including DRep involvement and decision-making actions.
This week, Node version 9.0 was unveiled, signifying a substantial advancement towards initiating the Chang hard fork.
As a data analyst at Intersect, I would explain it this way: Once we reach this significant point, we’ll generate the necessary parameters and final genesis file for Node 9.01. Following that, our Strategic Partnership Organizations (SPOs) will be requested to carry out another upgrade.
When the essential conditions are fulfilled, specifically reaching a 70% threshold for SPOs (Significant Price Orders) and achieving an 80% exchange liquidity level, Chang may then trigger the activation process.
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2024-07-11 19:12