While the Cardano community has begun losing hope, Charles Hoskinson has expressed bullish sentiment for the blockchain and its native token due to upcoming events.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
Cardano (ADA), one of the top ten digital assets in the crypto space by market capitalization, has not been able to print significant gains for its holders, as the sluggish price action of the altcoin has disappointed the community of the proof-of-stake blockchain platform over the past few months.
The price of the ADA token has been up close to 2% in the past 24 hours, with a 5% decline in the past month. The digital asset has seen an 88% increase in price over the past year. However, the performance of the altcoin, often dubbed the Ethereum killer, has been disappointing as compared to its rivals, including Solana (SOL) and Avalanche (AVAX).
The trading volume of Cardano (ADA) rose by 1.52% and currently stands at $392 million with a market capitalization of $16 billion, making it the tenth largest digital asset by market capitalization. Further, the token went from a daily low of $0.436 to a high of $0.449, and the overall volumes have remained considerably lower than the highs of 2021.
The all-time high of ADA was seen in September 2021 at a price of $3.10, and the token is more than 80% lower than that price target. The disappointment of the community lies in the fact that Cardano has remained below the $1 price tag since the 2022 crypto winter set in.
While the Cardano community has begun losing hope, Charles Hoskinson, the co-founder of Ethereum (ETH) and the founder of the Cardano blockchain, has expressed bullish sentiment for the blockchain and its native token due to upcoming events.
In a post on social media platform X (formerly known as Twitter), Hoskinson noted that in June, the Cardano community will welcome the debut of a new node, which will ultimately result in the blockchain’s next important upgrade, the Chang fork. After 70% of the ADA stake pool operators have installed the new node, Cardano will enter “the Age of Voltaire”, said Hoskinson while adding:
“It’s the most significant milestone in the history of Cardano and for the industry as a whole. Cardano will be a decentralized civilization spanning the entire world, with millions of residents. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.”
It is important to note that Cardano also partnered with Argentina following a conversation between Hoskinson and President Javier Milei. The blockchain’s advocate Dan Gambardello stated that the advancement could lead to a significant surge in the price of ADA.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
