Back to the list

Imminent Cardano Upgrade Could Be Extremely Bullish for ADA, Says Coin Bureau – Here’s Why

dailyhodl.com 04 July 2022 20:05, UTC
Reading time: ~2 m

A popular crypto analyst is laying out the bullish case for Cardano (ADA) with the Ethereum rival’s new Vasil upgrade coming soon.

In a new video update, the pseudonymous host of Coin Bureau known as Guy tells his 2.08 million subscribers that Cardano’s imminent Vasil upgrade is bound to affect ADA’s price.

“Assuming all goes smoothly, Vasil’s upgrades could be live on the mainnet as soon as late July. As it so happens, the Vasil testnet actually began late last night.

But, it should be cautioned, that this could be a bearish event should any serious issues be discovered. This was the case of the Alonso testnet in September last year which introduced Cardano’s smart contract functionality… 

Cardano’s smart contract functionality was initially fairly simple, to put it mildly. And this meant that it was very difficult for decentralized applications to actually deploy.”

Last week, Cardano development firm Input Output Hong Kong (IOHK) announced that the hard fork from the testnet to the mainnet would begin on July 3rd.

While current market conditions make a parabolic rally for ADA unlikely, the Coin Bureau host says that the upgrade could be significantly bullish for the Ethereum challenger.

“The good news is that, in this case, the expectations around the Vasil hard-fork seem to be a bit tamer, which could potentially make the testnet, and especially the mainnet, an extremely bullish event if the improved scalability it is expected to bring exceeds the expectations of both users and developers. 

Still, the sad reality is that we are in a crypto bear market, and with so little attention going to altcoins these days, ADA is unlikely to see a meteoric rise anytime soon.”

Cardano is trading for $0.46 at time of writing, up 3.4% over the last 24 hours.

Back to the list