The largest Proof-of-Stakes (PoS) asset, Cardano (ADA), is being examined by many investors to discover the optimal entry price given the recent extreme bearishness of the cryptocurrency market.
In example, the ‘Price Estimates’ tool, which lets users speculate on the future pricing of cryptocurrencies, has predicted that the ADA token would trade at an average price of $0.88 by the end of July 31, 2022.
The community predicts that the cost of decentralized finance (DeFi) would increase by a staggering 95.82 percent from its present value at the time of publication by July 31.
20,482 community members had cast votes as of the time of publication to determine the average estimate. Estimates for the end of the following month, August, indicate that the community anticipates a somewhat lower price of $0.80, according to 11,592 user votes.
Cardano has been steadily declining since the start of the year, dropping from a high of $1.60 in January. Although there have been a few brief improvements, the trend is still downward generally.
According to graphs and figures, the price of ADA is currently $0.45, down 3.85 percent from the previous day and a further 8.13 percent from the prior week.
Cardano currently has a total market capitalization of $15.2 billion, according to statistics from CoinMarketCap.
Upgrade to the Vasil hardfork in July
Despite the slump, Cardano has begun the last-minute preparations for the Vasil hardfork update following a successful testnet deployment. By the end of the month, the price of ADA could change as a result of the Vasil hardfork because historically, the asset has increased in value prior to a hardfork event.
In fact, the Cardano founder Charles Hoskinson referred to the Vasil hardfork as ADA’s greatest network upgrade and said that the “stakes have never been higher.”
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