Cardano’s Price Predicted To Rise 56% in August

The community of cryptocurrency investors anticipates that the price of Cardano’s native token ADA will increase by more than 56 percent by the end of the month of August. If the prediction comes true, the price of ADA will have increased by $0.264 from where it is currently trading, which means that it will be trading at $0.73.

According to the cryptocurrency community, as reported by Finbold, which estimated ADA’s price by August 31 using CoinMarketCap’s ‘Price Estimate’ feature, the digital asset is anticipated to experience a significant price increase during the following month, most likely in part because of the Vasil hard fork.

The hard fork known as Vasil is a significant upgrade that will incorporate four different Cardano Improvement Proposals (CIPs). It was anticipated that it would be deployed in late June, but due to Terra’s demise, the team responsible for it decided to take caution before shipping out the upgrade. This caused the implementation to be postponed.

It is important to keep in mind that the community price estimate is derived from the votes cast by members of the cryptocurrency community; nevertheless, this in no way implies that there will be any kind of change in price. Instead, it is reflective of the anticipations of the community.

The founder of Cardano, Charles Hoskison, has stated that the hard fork will offer a “huge performance increase,” and the anticipation around it is likely to have led to the positive price prediction, which was made through the average of 14,200 votes on the site. Notably, price forecasts for ADA at the end of the year suggest that the cryptocurrency would trade at a level that is only 1% higher than its present price of $0.466. Since April, the accuracy of the community’s price projections has been below twenty percent, which is an important fact to keep in mind.

According to a study by CryptoGlobe, a price prediction model based on artificial intelligence indicated that the price of Cardano’s native token will skyrocket to $2.9 by September, but it has now reduced its projection to $2.63.

Earlier this month, a group of cryptocurrency industry professionals made a prediction that the price of Cardano will skyrocket to $2.93 by 2025 and to $6.53 by 2030. However, experts anticipate that the cryptocurrency will trade at just $0.63 by the end of the year.

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Cardano has recently entered the top 10 holdings of whales on the BNB Chain, which was formerly known as the Binance Smart Chain. This is a result of investors placing bets on ADA in anticipation of the hard fork.

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