Cardano price turns bullish, but is there substance to the ADA rally?
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Cardano experienced a remarkable price surge of 23.9% on July 13, leaving investors curious about the potential for further gains. This significant rally comes on the heels of a favorable judicial decision regarding XRP (
Additionally, ADA’s TVL of $200 million lags behind other layer-1 smart contract alternatives such as Tron ($5.9 billion), BNB Smart Chain ($3.4 billion) and Avalanche ($727 million). This suggests that there is still limited demand for ADA’s services.
To solidify its position and potentially surpass the $0.40 mark, Cardano needs to continue growing and delivering on its promises, including the planned updates for 2023. Important upcoming updates include the Hydra L2 solution that uses sidechains to offload transactions from the main chain and Basho, an L1 scalability and performance improvement proposal for improved block structure, parallelization and pipelining.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
