Cardano Prepares for Major Upgrade Amidst Market Fluctuations Cardano Update: July 29 - July 31, 2024
Upcoming Chang Hard Fork: Cardano is gearing up for a significant network upgrade with the upcoming Chang Hard Fork, set to enhance its decentralized governance capabilities. This upgrade includes the implementation of Cardano node v9.0, introducing features such as Plutus v1 reference scripts and CIP-69 support. These advancements are expected to boost network functionality and security, attracting more developers and users to the platform​ ( Finbold )​​ ( CoinCodex )​.
Market Performance: Over the past 48 hours, Cardano’s ADA token has experienced a 2.17% increase, trading around $0.40. Despite the recent uptick, ADA’s price remains influenced by broader market conditions and upcoming network developments. Analysts predict that ADA’s price could range between $0.60 to $0.85 by the end of July, driven by the successful implementation of the Chang Hard Fork and positive market sentiment​ ( Finbold )​​ ( CoinCodex )​.
Investor Sentiment and Adoption: Investor confidence in Cardano remains strong, with significant capital inflows and an increasing number of large holders. This confidence is bolstered by the network’s continued development and the anticipated benefits of the upcoming upgrades. Additionally, the number of active and new addresses on the Cardano network has been rising, indicating growing adoption and usage​ ( Finbold )​.