Cardano (ADA) has also seen a 43% increase in trading volumes in the last 24 hours, according to CoinMarketCap data. Within the last 24 hours, 1.7 billion ADA, or 1,767,195,506, worth $789,962,746, have been exchanged.

A spike in trading volumes may indicate interest in a specific project. The increase in trade volumes comes fewer than 24 hours before the much-anticipated Cardano Vasil upgrade, which is set to take place on September 22.

Vasil aims to offer a number of advancements, including Plutus script enhancements and collateral change fixes, as well as key scalability updates like diffusion pipelining.

Cardano is occasionally chastised for its smart contract capabilities, which are perceived to be inferior to those of Ethereum and other Layer 1 blockchains with decentralized finance (DeFi) ecosystems.

In contrast to Ethereum, Cardano is built on the “unspent transaction output” (UTXO) system associated with Bitcoin, a means of determining what is kept in users’ wallets by keeping track of the change left over when coins are spent.

The price of ADA rises slightly.

At the time of publication, the price of ADA had slightly recovered, trading up 2.15% in the previous 24 hours at $0.45. Cardano (ADA) has been trading below its moving averages for the last few weeks. Bulls’ attempts to push the price above the MA 50 near $0.49 on September 18 were thwarted by bears.

If the price is pushed up by a positive event, such as the Vasil upgrade, and it breaks through the MA 50 barrier, the bears may try to offer another challenge at $0.64. If bulls break above this barrier, ADA might signal the start of a fresh upswing.

On Wednesday, the cryptocurrency market appeared to be following the lead of traditional markets, with investors largely remaining on the sidelines ahead of the critical Fed meeting at which it would announce the rate hike.

Analysts anticipate that if the Fed follows through on its forecast and raises borrowing costs by three-quarters of a percentage point, the markets would breathe a sigh of relief. A more significant 1% increase to battle inflation, on the other hand, may put more pressure on riskier assets by affecting liquidity.