Why Is $ADA Up by 4% on the Same Day That Both $BTC and $ETH Are Down by 4%?
On Tuesday (June 7), as of 5:05 p.m. UTC, Cardano’s $ADA token is trading around around $0.6207, up 4.2% in the past 24-hour period, making it the only non-stablecoin among the top 10 cryptoassets that it is in the green; meanwhile, during the same period, $BTC and $ETH are down 4.5% and 3.8% respectively.
So, why is $ADA outperforming every other Top 10 cryptoasset today?
Here are a few possibilities.
First, what is causing the most excitement is the Upcoming Vasil hard fork combinator (HFC) event, which is named after Cardano ambassador Vasil Dabov, who died earlier this year. This went live on the public testnet on June 2, and is expected to go live on the mainnet on June 29. As IOG Co-Founder and CEO Charles Hoskinson said in a video released on his YouTube channel on April 12, the Vasil hard fork “is going to contain pipelining, which will be a massive performance improvement to Cardano.”
Second, IOG announced yesterday that there are currently 1003 projects building on Cardano.
Third, as Dan Gambardello, Founder of Crypto Capital Venture, pointed out yesterday, $ADA now has the highest allocation percentage among the eight cryptoassets in the Grayscale Smart Contract Platform Ex-Ethereum Fund.
Fourth, later today, Charles Hoskinson and actor/comedian Martin Lawrence are jointly making an NFT-related announcement on Twitter Spaces.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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