- Cardano is one of the largest proof-of-stake blockchains in the world in terms of market valuation according to a new White House energy report.
- As the Vasil hard fork draws close, analysts predict a rally in Cardano.
- If Cardano price crosses the critical $0.55 level, analysts expect sustained buying pressure to trigger ADA’s uptrend.
According to a new White House energy report, Cardano is one of the largest proof-of-stake blockchains in the crypto ecosystem. With the Vasil hard fork drawing close, analysts are bullish on Cardano price.
Also read: Bitcoin traders play waiting game ahead of CPI data and the Merge
Cardano emerges as one of the largest proof-of-stake blockchains
A recent report issued by the White House aims to understand the impact of cryptocurrencies on climate change. The report revealed that Cardano is one of the largest proof-of-stake blockchains in the world, in terms of electricity consumption and market valuation.
The government is evaluating cryptocurrencies to identify reforms needed to implement to improve the cryptocurrency’s market impact on the environment. Cardano has an overall rank of 3, while it has claimed the number one spot among proof-of-stake blockchains.
The Vasil hard fork scheduled for September 22 is drawing close. If the event goes smoothly it is likely to fuel a bullish sentiment among holders. At least 25 cryptocurrency exchanges have indicated that they are ready.
One of the key requirements for the Cardano Vasil hard fork is that 75% of all blocks should be created by the latest version of the Vasil node. This number is now 94%, a green light for Cardano’s hard fork.
The ten largest decentralized applications in the cardano ecosystem are now ready for the mainnet, extending their support to the Vasil hard fork.
Analysts identify $0.55 level as the make or break point for Cardano
Rekha Chauhan, a leading crypto analyst believes the $0.55 level is critical to Cardano’s price trend. If the altcoin climbs under sustained buying pressure, it is likely to breach the critical level ahead of the Vasil hard fork. Bulls could take charge, fueling Cardano’s price rally and its uptrend.
ADA-USD price chart
Cardano developers at Input Output Global hit several development milestones on its path to the Vasil hard fork. Check out the following timeline to go through the key events on Cardano's journey to a scalable, highly efficient and cheaper transactions on its blockchain. The Vasil hard fork is likely to draw developers to the network and make Cardano the preferred blockchain with its high scalability and accessibility.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?