Traders shift interest to ADA ahead of Vasil
According to CoinMarketCap data, Cardano[ADA]has also demonstrated a 43% increase in trading volume in the last 24 hours. A total of 1.7 billion ADA, or $789,962,746 worth of $1,767,195,506 has been exchanged within the last 24 hours.
An increase in trading volumes may suggest interest in a particular project. The rise in trading volumes comes less than 24 hours before the much-anticipated Cardano Vasil upgrade, scheduled for Sept. 22.
Vasil expects to bring a number of improvements, including Plutus Script enhancements and collateral change addressing, as well as the introduction of significant scaling updates such as spread pipelining.
Because of the perception that Cardano’s smart contract capabilities fall short of those of Ethereum and other Layer 1 blockchains with decentralized finance (DeFi) ecosystems, the platform is occasionally criticized for this reason.
Cardano is built on the Bitcoin-linked “Unexpected Transaction Output” (UTXO) system, a method of determining what is kept in users’ wallets by keeping track of the change remaining when coins are spent, unlike Ethereum. , which employs Ethereum. Account-based model similar to that of a bank.
ADA price mildly rebounds
At the time of publication, ADA’s price had mildly rebounded, trading up 2.15% in the last 24 hours at $0.45. Cardano (ADA) has been trading below the moving averages for the past few weeks. Attempts by bulls to push the price above the MA 50 near $0.49 on Sept. 18 were rebuffed by bears.
If a positive catalyst such as the Vasil upgrade is fueled by the price and pushes the price above the MA50 barrier once again, the bears may again attempt to pose another challenge at $0.64. If the bulls cross this barrier, ADA could signal the start of a new uptrend.
On Wednesday, the cryptocurrency market appeared to be moving in line with traditional markets, where investors were mostly staying on the sidelines ahead of the pivotal Fed meeting in which it would make an announcement on the rate hike.
According to analysts, if the Fed sticks to its forecast course and raises borrowing costs by three-quarters of a percent, the market could momentarily breathe a sigh of relief. However, a large hike of 1% to tackle inflation could put more pressure on riskier assets by impacting liquidity.
