Crypto market underestimates Cardano as ADA price doesn’t react much to recent events
Despite progress on the Vasil hard fork and the official announcement of the long-awaited release date, the price of Cardano (ADA) is barely reacting to the positive changes. Furthermore, following news of accelerating inflation in the US, ADA quotations fell from the top 10 by market capitalization more than all other cryptocurrencies, while implementing tighter regulation of monetary policy.
The apparent undervaluation is hinted at by the behavior of the ADA price, which in late August after the news of Vasil hard fork showed a growth of 23% in two weeks, but then gave up part of the growth, and now the result is only 9%.
On the crypto market, where assets can rise and fall by up to 10% several times a day, such values can hardly surprise anyone. It is strange that the top eight projects with a capitalization of $16 billion rarely react to this news, where the identity “buy on rumour, sell on fact” works best.
Why is Cardano undervalued right now?
There is a possibility that Cardano and its event was left in the shadows of Ethereum with its transition to PoS, and ADA quotes will start to react to the Vasil hard fork closer to the date, which will be a week after the Ethereum Merge.
Either way, there will be a reaction before or after the Vasil hard fork. It is hard to imagine that the significant increase in the overall performance of Plutus smart contract platform Cardano, and enabling the transfer of new token types from Ethereum to Cardano, will not affect the state of the project.
