The total market capitalization of smart contract platform Cardano ($ADA) has surged to briefly surpass the $17 billion mark ahead of the network’s highly-anticipated Vasil hard fork, which is expected to deliver a “massive performance improvement.”
According to TradingView data, Cardano’s market capitalization stood below the $15 billion mark earlier this month, but surged to briefly surpass $17 billion after the cryptocurrency’s price surged from around $0.42 to test its resistance at the $0.50 mark.
Notably, the cryptocurrency community is expecting the price of Cardano’s ADA to surge around 35% during the month of September over the Vasil hard fork. Data from CoinMarketCap’s price estimate features shows nearly 14,000 users predicted the cryptocurrency’s price for the end of the month, expecting ADA to trade at $0.62 then.
The community is less bullish toward the end of the year, expecting ADA to trade at around $0.49 when 2022 comes to a close. For the end of October, the cryptocurrency community sees ADA trade at $0.556, meaning users are predicting a short-term rally followed by a correction.
Input Output Global (IOG), the network’s blockchain development lab, announced that the hard fork is scheduled to take place on its mainnet on September 22. The hard fork was expected to be implemented in late June but was delayed because of Terra’s collapse, as the team behind it wanted to exercise caution before shipping out the upgrade.
Cardano has recently been listed on the popular commission-free trading platform Robinhood, which allows users to buy a number of financial assets including equities, options contracts, and cryptocurrencies.
Robinhood’s listing announcement on social media implies Cardano was added to the platform in response to customer demand. Robinhood’s listing notably means that Cardano is now available to the platform’s 13.2 million monthly active users, which could boost its liquidity.
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