Cardano (ADA) is one of the top altcoins in the market and has the support of a large community. The Cardano network is also known to be one of the technologically advanced ones that continues to introduce new and innovative updates.
According to reports, the Cardano network is being prepared for another major update. Some speculate this update to shake ADA out of the downward momentum it has been stuck in, in terms of price. However, the real-time effect of the upgrade is yet to be seen.
The price of ADA has been fluctuating a lot, which has led many crypto enthusiasts to be skeptical about its long-term value and significance. Let’s find out if the new upgrade will have any kind of positive impact on the price of the altcoin.
Meanwhile, if you are interested in buying the digital asset, make sure you choose one of the best crypto exchanges to buy Cardano.
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Details of Cardano’s New Update
After the Alonzo Upgrade, the Cardano network is now planning to launch the Hard Fork Combinator (HFC) event “Vasil”.
Even though the crypto asset has been going through various optimizations, the general market sentiment has not been in favor of the altcoin. The ADA token broke below $2 at the end of 2021 and since then it has been moving downwards.
The price of ADA is $0.794 (at the time of writing) and here is a graph by CoinMarketCap that shows its price movement over the last year.
The “Vasil” upgrade is expected to be launched in June 2022 and is aimed at making Cardano more efficient when it processes decentralized application transactions.
The upgrade has been designed to improve the mainnet performance properties. The users of smart contracts on this network will also be able to have a better experience.
Since the introduction of smart contracts the Cardano ecosystem saw significant expansion, however, the price of the ADA token has been declining.
Therefore, many ADA enthusiasts anticipate that the new Vasil upgrade will boost the price of the digital asset but no real proof of that has been noted yet.
If you are new to the crypto space and want to invest in ADA then make sure you first take a look at Cardano crypto price prediction and know the right time to invest.
What to Know as a New Investor?
There are several aspects every new crypto investor needs to know before they start buying any of the digital currencies.
There is no shortage of crypto exchanges and assets in the market, therefore, choosing the right exchange and a suitable cryptocurrency can be difficult and risky. However, the risks and challenges can be minimized to a great extent if the new crypto investors know some helpful tips such as the ones mentioned below.
- Make sure you choose a secure and suitable crypto exchange.
- Always monitor the price movement of a digital asset and then purchase it.
- Start by initially investing as much as you can afford to lose.
If you are a beginner and want to purchase Bitcoin, Ethereum or Cardano then you can click on SwissBorg or Kraken (U.S. citizens).
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