In recent weeks, Cardano (ADA) has been on an upward trend, with its price rising in tandem with the number of projects that have been added to the network.
Based on historical data, the price of ADA often rises prior to a Hard Fork (or hardfork), which is a substantial change to a network’s protocol that permits previously invalid blocks and transactions to become valid, or the inverse.
Cardians released statistics on March 26 showing that before the first Shelley Hard Fork in July 2020, ADA had risen by 500% and that before Mary in March 2021, it had risen by 1,100%, while the most recent Alonzo update saw the DeFi asset rise by 135% and reach an all-time high of $2.96.
Cardano price analysis
Currently, Cardano is trading at $1.13, up 0.21% in the last 24 hours and an enormous 30.68% across the previous week, according to CoinMarketCap.
As things stand, the largest Proof-of-Stake (PoS) asset has a total market capitalization worth of $37.9 billion, notably, Cardano’s market cap recorded more than $10 billion in inflows in just 7 days as of March 24.
Prior to the shift in market mood toward Cardano, the cryptocurrency had been forming its seventh consecutive monthly red candle earlier this month, until the increase in the number of investors buying Cardano altered the sentiment.
After its last significant upgrade in September 2021 that included the addition of smart contract capability, the Cardano network was able to scale and perform at a faster rate than ever before.
Speculators will be keeping an eye out for a rally in the wake of the Vasil hardfork, which has been set for June and which the Cardano team believes would deliver a significant boost to the platform’s transaction throughput, as well as enhance volume and liquidity.
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