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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
But is the upcoming Vasil hardfork an opportunity to invest in Cardano today?
Historical price action gives us two clear takeaways:
Between mid-February and mid-May last year the price of Cardano boomed 667%.
Is that the kind of ROI you'd like to see in your crypto portfolio?
The good news is it's clear that hardforks are a catalyst in past price gains in ADA. But now that the crypto market is in a bearish cycle, what will the Vasil hardfork mean for a Cardano investment?
Is July 2022 a great time for you to buy Cardano before it breaks out?
In this article we will be comparing the price potential of ADA with a small cap cryptocurrency – EverGrow – to give you a better grasp of how to think about updates during a bear market.
First of all – what's with the name?
Cardano is best known for its rigorous scientific approach. The five key stages of Cardano's growth were all named after key scientists, poets, and philosophers from history – even the very name, Cardano, comes from the Italian polymath Gerolamo Cardano.
Vasil Daboz was a Bulgarian mathematician and Cardano ambassador, who recently passed away.
The Vasil hardfork is named in his honour.
Put simply, the Vasil hardfork will increase throughput on the Cardano blockchain and improve the development of smart contracts and decentralised apps (dApps).
The Cardano blockchain is a constantly updated chain of blocks, and each of these blockchains contains a record of transaction records.
The Vasil hardfork will increase the size of each of these blocks.
It means there will be more space for data to be saved in each block added to the blockchain – this is important for scalability if Cardano is to compete with smart contract rivals like Ethereum and Solana.
The Alonzo hardfork last September was the catalyst for developers to begin actually using the Cardano blockchain – with 90 projects launched, and 1000s in development, the Vasil hardfork will incentivise even more developers to come on board.
The implementation of diffusion pipelining will also see blocks transmitted without full validation, further helping to speed up throughput.
The Vasil hardfork was scheduled for the end of June 2022 but has been pushed back to July 2022 following delays.
Cardano has long prided itself on being a low-cost and low-energy-intensive solution to Ethereum and Bitcoin. Cardano has ranked as the number 1 most environmentally friendly blockchain network. The Cardano blockchain has also gone for 1760 days without any power outages – Solana, meanwhile, suffered full network outages on two separate occasions in June 2022.
Vasil should help to make Cardano the developer's paradise it always intended to be.
This is the key variable when predicting the price of ADA.
Here's where a comparison with one of the fastest growing altcoins on the crypto market right now – EverGrow – is useful:
Here's a nice comparison.
Compare how long it takes you to understand Cardano developments (assuming you're not a developer) on Essential Cardano and the simple roadmap of applications planned out by EverGrow.
Here's the thing.
The last two times a Cardano upgrade led to ADA rocketing in price, the crypto market was also in a bullish cycle.
This July 2022, we're in a bearish cycle.
For ADA to see a price breakout in the next three months it will need to rapidly pick up developers and projects like never before.
With not a lot of money going around, it's not 100% certain this will happen in 2022.
It means that while ADA is likely to grow, it might not happen until the next bull market comes around.
Here's another interesting comparison with EverGrow.
EverGrow is a reflection token. Every transaction is taxed at 14% with 8% distributed instantly in the stablecoin BUSD to all investors.
Since launching in September last year more than $37.5 million has been paid to its small but fast-growing investor base.
Even better, the BUSD rewards don't stop during a bear market.
Daily trading volume is around $150,000 in late July – meaning $12,000 paid daily to investors.
But this has risen to over $3 million in the past weeks, meaning $240,000 paid daily to investors.
Would you like to see stablecoin passive income dropping into your digital wallet on a daily basis?
EverGrow is the cryptocurrency for your kind of investment strategy.
Cardano was slammed – somewhat unfairly – in a price prediction by finder.com this month.
A panel of 53 crypto industry experts put the price of Cardano at $0.63 by the end of 2022.
From a price of $0.47 at the end of July this means an ROI of 34% with an ADA investment if you buy now.
But not every crypto specialist agreed.
Charles Silver, executive chairman for Permission.io, said ADA would be worth $0.2 at the end of 2022.
He said there were few 'use cases' for Cardano. This is a common criticism of Cardano due to the slow nature of its updates and fewer projects built on its platform due to these delays.
Again, what we said earlier comes back around: ADA grows in price if developers build on Cardano.
EverGrow is a small cap cryptocurrency of just $90 million in late July.
But there's a lot that will happen between now and the end of 2022:
Each of these applications will bring in new users and build up the EverGrow ecosystem.
Analysts have suggested EverGrow will surpass its peak daily trading volume in 2022 – currently $12 million in 24 hours – and break past its highest price YTD – $0.000002.
This alone would give EverGrow an ROI of 981%.
But even better are the BUSD rewards you'd be earning along the way.
