The crypto community predicts that the price of Cardano (ADA) will exceed $1 by the end of June after the implementation of the Vasil hard fork, which will bring significant improvements to the network.
Will Vasil hard fork be able to raise the price of Cardano (ADA) to 1 dollar?
In a survey conducted on CoinMarketCap’s “price predictions” tool, more than 24,460 respondents predicted that the ADA price would reach $1.06 by the end of June. He predicts the price will drop at 15,900 people. Participants expect the ADA price to reach $0.97 by the end of July.
Both predictions suggest that the ADA price has appreciated significantly. At the time of writing, ADA is trading at $0.5855 after rebounding from the $0.40 low seen earlier this year. Cardano was last over $1 in April of this year.
Community thinks Vasil hard fork will be effective
Since the community’s estimation indicates a date after Vasil hard fork was implemented in the network, it can be said that the rise is effective. The hard fork is expected to be implemented on June 29. As Cardano founder Charles Hoskinson puts it, it will deliver “a tremendous performance boost.”
Average transaction size on Cardano across all transaction types is currently 3206 bytes. We expect this number to significantly drop after Vasil hard fork event on 29th June. Now the drop may not be immediate, dApp developers will have modify code so that average tx size sinks. pic.twitter.com/7f7eOszdQf
— Cardano Blockchain Insights (@InsightsCardano) May 30, 2022
What is Vasil hard fork? Why is it important to Cardano?
Vasil hard fork is a major upgrade that will include four Cardano Improvement Proposals (CIPs). These include the CIP-31, which offers “a new type of input, a reference input that allows to look at an output without spending”, as well as the CIP-32, which provides “simpler communication of data values between users.”
The hard fork saw ADA outperform many other cryptocurrencies even amid a broader crypto market downturn exacerbated by the collapse of the Terra ecosystem. This performance allowed ADA to surpass XRP by market cap to reach the sixth position this week.
With over 5 million local assets minted on Cardano, activity on Cardano is also on the rise, more than double the figure seen at the end of last year. Currently, Cardano has 5.01 million local assets distributed over 54,800 policies. The data also showed that ADA whale transactions hit a 4-month high after the price of the cryptocurrency plunged to a low of $0.40 earlier this year. Apparently the whales were buying from the bottom before the Vasil hard fork.
We have covered the community’s price predictions for XRP (XRP) in this article Kriptokoin.com .
