Cardano, the eighth most valuable cryptocurrency by market capitalization has moderated significantly despite its upcoming Vasil hard fork.
Early on Monday, Cardano was down 10.02% on the day, trading at about $0.4361. Since August 19, it was the biggest percentage drop in a single day.
Cardano’s market cap was reduced by the negative movement to $15 billion, or 1.65% of the overall market value of the crypto market. Cardano’s market worth peaked at $94.8 billion.
In spite of reliable reports that the Cardano (ADA) community is preparing for the Vasil hard fork, which will improve the decentralized network’s scalability and general usability, investors are disregarding the positive news surrounding the altcoin.
Cardano is a kind of blockchain that enables users to transfer and receive money. ADA coin is the name of the cryptocurrency. It also enables the creation of Ethereum-like smart contracts.
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The previous day, Cardano’s price ranged from $0.4351 to $0.4513. Cardano’s value decreased this past week, falling 13.4%. Cardano traded for $729 million, or 1.08% of the total volume of cryptocurrencies traded in the twenty-four hours prior to the time of this writing.
Cardano is still down 85.93% from its all-time high of $3.10, which it reached on September 2, 2021, at its current price.
Despite the fact that the asset has not seen any upward movement prior to the update, cryptocurrency trading specialist Michael van de Poppe predicted in a YouTube broadcast on September 17 that ADA will likely approach the $1 level before the upgrade.
According to Poppe, the main driver of a potential rise following the September 22 event would be the lack of considerable momentum in the price of ADA prior to the blockchain upgrade.
“Since there hasn’t been a discernible run upwards before, we essentially have no momentum and hype going towards the Vasil hard fork. If the Vasil hard fork, which is quite similar to the Ethereum (ETH) Merge, happens in a positive way, this opens up a ton of options. In that case, a move towards $1 around this event isn’t unusual,” Poppe added.