Top Exchanges Mark Readiness For Vasil, Can Cardano Rally To $1?
September 06 2022 - 6:00PM
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The Cardano Vasil hard fork is currently the second most
anticipated upgrade in the crypto space, right behind the Ethereum
Merge. This hard fork is just as important to the Cardano network
as it not only improves the experience of developing on the
network, it also strengthens the security of the blockchain.
September has now been set as the month of the hard fork, and the
most recent announcement from IOG shows that the network is almost
there. Top Exchanges Getting Ready For Vasil Previously, IOG, the
developer behind the Cardano network, had made it known that it
needed to reach three different metrics for the hard fork to be
completed. These included that at least 75% of all SPOs would have
upgraded the final node version, the top 10 decentralized
applications (DApps) would have upgraded to Vasil-supported nodes,
and lastly, was that at least 25 top exchanges which represented
80% of all ADA liquidity would be ready for the upgrade. Related
Reading: Ethereum Nears Another Milestone Ahead Of Merge, Rally
Incoming? The first two metrics had quickly been hit. This is no
surprise given both of these requirements needed to be carried out
by the SPOs and DApps who were already Cardano natives. The
exchanges part has proven to be the most difficult. However, some
exchanges have taken the bull by the horns and have since become
ready for the hard fork. Among the top exchanges that have reported
readiness for Vasil are Gate.io, OKX, BTCTurk, and WhiteBit. All of
these exchanges are now able to support ADA post-hard fork. IOG
tweeted this on Tuesday in addition to more information that 94% of
all blocks are now produced using Vasil-friendly nodes. Exchanges
that have previously reported readiness are LCX, NDAX, and Bitrue.
Others, such as Binance, Kraken, Bitfinex, Hotbit, and Upbit, are
all reportedly in the process of adding support for Cardano
post-upgrade. Will Cardano Break $1? Ever since the price of ADA
hit its all-time high of $3.10, it has been a consistent downtrend
since then. However, just like the news of the hard fork that
brought smart contracts capability to the network had been behind
the tremendous run, the Vasil hard fork carries similar
possibilities. This was seen back in July when the hard fork was
first announced. ADA’s price had rallied above $0.5 before the news
of postponement had dropped. This time around, a date has been set
for the hard fork, which will likely trigger an upward rally for
the digital asset. Related Reading: The September Curse: Why
Bitcoin Price May Touch $10,000 However, the possibility of the
price of ADA touching $1 remains very slim. The digital asset would
have to do a 100% growth from here to reach this price point. Given
the current market trends, there is not enough momentum for it to
reach this level. A more attainable price point is set at $0.6,
depending on how investor sentiment turns out at this point. But
there would need to be significant buy pressure to be able to push
ADA to reach this point in the next 2 weeks. Featured image from
Finbold, chart from TradingView.com Follow Best Owie on Twitter for
market insights, updates, and the occasional funny tweet…
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