In a recent update, Charles Hoskinson, the co-founder of Cardano, emphasized that upcoming network upgrades will significantly boost the adoption of ADA, despite skepticism from some investors.
The current bearish trend in the crypto market has led to ADA’s price dropping against the US dollar, creating an opportunity for a major comeback.
Cardano (ADA), a well-established layer one (L1) blockchain known for its active web3 development, has attracted over $225 million in total value locked (TVL) and boasts a stablecoins market cap of more than $18 million. Despite facing tough competition from other L1 blockchains like Toncoin (TON) and Solana (SOL), Hoskinson remains confident in ADA’s future, pointing to the growing number of community Dapps and its resilience in the market.
The Cardano network has already gone through four development stages, including Byron, Shelly, Goguen, and Basho, and is now gearing up for the Voltaire era. This phase is crucial for ensuring the network’s self-sustainability and improving interoperability with web3 projects.
Recent updates to the Cardano network, including improvements to the SanchoNet resources page, reflect the team’s dedication to enhancing the platform’s functionality. With ongoing work on projects like Ouroboros Leios and UTXO-HD, Cardano is well-prepared for mainstream adoption.
As the approval of spot Ethereum exchange-traded funds in the US raises hopes for an ADA ETF approval, market experts are optimistic about ADA’s potential to attract institutional investment. Despite criticism for lagging in meme coins and inscriptions, Cardano’s ability to tokenize real-world assets like bonds and stocks will be a key factor in its adoption by institutional investors.
In the midst of a market correction led by Bitcoin, ADA’s price has dropped by over 10% in the past week, trading around 40 cents as of June 17, 2024. Technical analysis suggests further downside pressure before a rebound, with a possible support range between 36 cents and 38 cents.
For those interested in Cardano, check out our guides on buying ADA, setting up a Cardano wallet, tracking ADA prices, and staying updated on the latest Cardano news.