Cardano’s ADA, the native cryptocurrency of the Cardano network, had its remarkable return among the top 10 cryptocurrencies by market capitalization just in time for its anticipated Chang hard fork this August 27th. Gaining over 5% within the past 24 hours, Cardano ADA shows investors’ level of confidence in the upcoming update and the native token itself.
For months, the Cardano community has been looking forward to the Chang hard fork, which is set to implement essential changes in its on-chain governance. The closer it gets to the hard fork, the greater this raises in excitement. It’s an excellent momentum for Cardano ADA. This upward momentum reflects not only the anticipation due to this hard fork event but also underlines Cardano’s resilience in a highly competitive market.
What Is the Chang Hard Fork, and Why Does It Matter?
The forthcoming Chang hard fork is going to be one of the biggest updates in Cardano’s history. It will get rolled out in two phases, which are purposed to set up a basis for improved on-chain governance. Many in the crypto space have been waiting for this feature with bated breath. The first update will prepare the network through an update of its underlying infrastructure, while the second will unlock the full potential of decentralised governance on Cardano.
Chang is so close now,” said Jack Briggs, Intersect’s marketing and communications director. “Updates continue to flood in from across the ecosystem, and we’re regularly pushing changes to the hard fork readiness page.” This comment by Briggs speaks volumes for the excitement in the community and the heap of detailed work done to ensure this pivotal upgrade goes through as smoothly as possible.
Upgrading technologically, Cardano ADA becomes a closely watched digital asset among investors and developers alike as it gets positioned for a broader strategic push that could influence the future course of decentralised finance. The Chang hard fork in itself may further reinforce the standing the Cardano network has built to make Cardano ADA even more of an attractive asset.
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Cardano ADA’s Market Performance: A Bullish Signal?
Unlike the volatility across the board in the cryptocurrency market, Cardano ADA has held on to the bullish trend, especially regarding the impending hard fork. A recent 4% surge finally pushed ADA over TRON to take back the spot in the top 10 cryptocurrencies by market capitalization. This rally becomes an expression of strength from the Cardano network and the faith instilled in the community regarding the long-term vision.
In September 2021, Cardano ADA hit an ATH of $3.09, and up till now, it has failed to reach that mark. This does not belittle the present surge, as there is still room for massive improvement. The Chang hard fork stands not only for an upgrade to Cardano but, in many ways, it’s an opportunity to gain back lost ground and even create new records, perhaps in the near future.
The primary determinant of whether Cardano ADA can hold up this uptrend will be the market’s reaction to the hard fork. Putting this in tandem with the success of the upgrade and considering further development on the Cardano blockchain for dApps and DeFi projects would most likely be the driving factors of ADA in the upcoming months.
Conclusion: The Future Looks Bright for Cardano ADA
August 27th is slated for the Chang Hard Fork update, and Cardano ADA takes some of the shine of this event. The digital asset has wiggled its way to the top 10; this reflects market confidence in the future of the network. Experts believe that the road will not be all smooth as challenges are inevitable. However, the hard fork has the potential to pave the way for innovation and growth, making Cardano ADA a viable investment option. Tune in to TheBITJournal for more updates on various cryptocurrencies.
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