The ADA coin on the Cardano network is on a roll. The cryptocurrency is up 14.25 per cent and is still pumping.
The cryptocurrency’s rising trend has continued in the past few weeks, and it was trading at $0.6421 as of Monday afternoon.
The ADA token has also eclipsed the XRP and SOL tokens of the Ripple and Solana blockchain networks, respectively, to become the sixth most valuable cryptocurrency.
The 24-hour trading volume of the cryptocurrency was at $1,020,831,180 USD.
What are the reasons behind this rally?
The impending Vasil hard fork is one of the primary causes that may have pushed the price of Cardano blockchain’s ADA token higher. The Vasil hard fork will be a network upgrade that will increase the scalability of the Cardano blockchain. The hard fork is scheduled for June.
A hard fork is a significant modification to the network protocol that validates previously invalid blocks and transactions, or vice versa.
When nodes of the most recent version of a blockchain no longer accept prior versions, a hard fork occurs, resulting in a permanent split from the previous network version.
It’s worth noting that the Vasil hard fork is a long-awaited scalability update that will dramatically increase the blockchain network’s throughput, giving it a competitive advantage over rival blockchain networks.
Another reason Cardano’s value is rising is that data reveals there has been a significant increase in the supply of native assets on the network. On the Cardano blockchain network, which is home to the ADA currency, over five million non-fungible tokens have now been minted, showing increased acceptability in the community.
What is Cardano?
Cardano is a proof-of-stake blockchain platform. It has a native token, called ADA. The network allows decentralized apps and smart contracts to be developed with modularity.
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