As part of preparations for the upcoming Vasil hardfork, which will significantly enhance transaction throughput, the Cardano (ADA) development team is hard at work, seeking to improve the network’s efficiency.
Thus, a number of crypto traders are now speculating where the Cardano price will end up by the end of May, given that the price of ADA often rallies prior to a hardfork event based on historical data.
According to the latest predictions of the crypto community at CoinMarketCap, retrieved by Finbold on April 29, the price of ADA is expected to reach an average of $1.26 by the end of May.
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In particular, the crypto community’s social Cardano price forecasts indicate a median price increase of $0.44 or 53.64% from the current ADA price. At the time of publication, 26,083 individuals had voted to arrive at an estimate of the average price. That said, the price is expected to fall after this month, with $1.17 predicted for June.
Cardano price analysis
Currently, the price of the ninth-largest cryptocurrency by market cap is $0.81, recording a 4.19% decrease over the last 24 hours and 11.65% from the previous seven days, according to CoinMarketCap data.
As things stand, the total market worth of ADA is $27.3 billion.
ADA ecosystem continues to grow
It’s worth mentioning that only recently on April 25 Cardano increased its block size by 10% speeding up transactions and DApp performance. This comes ahead of the Vasil hardfork for June, which aims to grow the protocol and significantly increase its transaction throughput, and with it, volume and liquidity.
In addition, the network recently announced the Cardano ERC-20 converter, which added support for ERC-20 token migration to its platform and expanded the variety of use cases for application developers and businesses.
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