cardano Although it is really difficult to say that things are stable on the front, it is possible to say that the demand of institutional and retail investors for ADA has been increasing since the beginning of this year.
Despite the downward trend in Cardano price, institutional investors continue to show interest in altcoin investment products, according to the report published by CoinShares. This situation keeps the possibility of investing in ADA, one of the important names of the altcoin world, high. But the question is, can the ADA be of interest to these investors?
According to a Twitter announcement made over the weekend by Cardano developer and operator Input Output Global (IOG), Cardano blockchain Vasil hard fork The update is scheduled to hit the mainnet on September 22. Of course, since there is a little more time until September 22, the developers are also preparing small updates to keep the activity on the network high.
The latest update was also highlighted by the team at the Cardano Foundation and included a number of updates after Vasil that would make the capability of the Cardano network more collaborative.
— Cardano Foundation (@CardanoStiftung) September 7, 2022
The upgrade in question was the late Bulgarian community member Vasil St. Named after Dabov.
Throughput, scripting efficiency, and block transmission time will increase as a result of the upgrade, which also uses Cardano’s hard fork combiner (HFC) technology.
“The decentralizing parameter – or the d-parameter – will be removed, thus preventing refederation. This upgrade will also bring changes that improve the processing of on-chain (Plutus) scripts, thereby reducing script execution costs, processing size, and improving throughput.”
Another critical detail is the question of whether the traders were able to highlight this development sufficiently. centimentAccording to the trading volume data of ADA, the trading volume of ADA on September 7 exceeded 850 million.
The spike is an important detail that shows the support of traders.
Meanwhile, Cardano was among the top three projects actively developed during the week with 490 Github contributions. Although the development activity has little or no impact on short-term market prices, it can be a positive sign for the long-term development of the project.
While ADA consolidated around $0.45 at the time of writing, ADA’s struggle remained in play. Will ADA be able to break through the resistance zone?
While critics continue to condemn the network for its slow development, some analysts have expressed support, noting that the price of smart contract platform Cardano may rise soon.
$ADA: I have some friends in this one, it looks decent relative to other alts rn. I dont think this is necessarily ‘the bottom’ and .55 should be resistance. That said, this almost looks like accumulation on higher time frame charts. #Cardano pic.twitter.com/7VCGHXocU7
— Altcoin Sherpa (@AltcoinSherpa) September 4, 2022
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.