Despite the fact that there was no fish or meat available during the first week of September, Cardano emerged as the obvious victor. The native token of the Input Output project, ADA, grew by 13%, outperforming all competitors in CoinMarketCap’s top ten by market capitalization.
Furthermore, Cardano (ADA) has become the sixth most profitable cryptocurrency in the top 100, trailing only other fundamentally strong cryptocurrencies like Cosmos (ATOM) and Chainlink (LINK).
Cardano’s strong performance this week enabled it to surpass its long-term rival, XRP, at the top of the cryptocurrency market. The capitalization discrepancy between the two projects is $470 million, when Cardano has a valuation of $16.7 billion.
Stablecoins and three unshakeable heavyweights, BNB, ETH, and BTC, currently sit above Cardano. Leaving this trinity aside, such large “crypto dollar” capitalizations elegantly depict the current state of the crypto industry. It is preferable to sit on the fence rather than get under a bear’s paws.
What will happen to the Cardano (ADA) price next?
The long-awaited Vasil hard fork is expected to take place on September 22nd, according to an official statement by Cardano parent firm Input Ouput. The event is critical for the Cardano ecosystem and should help it advance to the next level. At the same time, the ADA price is in the $0.4-$0.6 price range where it has remained for the past four months.
Will the Vasil update be successful in pushing Cardano quotes to the top? Perhaps, however a bearish crypto market may preclude such an opportunity. Is it conceivable to go at least to the high limit of Vasil’s anticipated range? This seems more likely.
It is not for nothing that one of the fundamental investment tenets is to purchase on rumors and sell on reality.