Summary:
- The cryptocurrency markets rebounded with broad-based gains across tokens.
- Total crypto market cap reclaimed $1.35 trillion.
- Cardano’s ADA was a top gainer with over 10% over the last 24 hours.
- ADA’s latest surge could be based on anticipation around the latest update dubbed Vasil Hard Fork.
- Vasil’s testnet recently went live and is expected to hit mainnet launch by July 2022.
Cardano’s ADA token surged more than 10% and traded around $0.6254 on Monday following a widespread relief in token prices across the cryptocurrency markets. While tokens have recorded downtrends since December 2021, major dips across the markets accelerated in early May following the crash of Terra’s LUNA and UST tokens.
Bitcoin in particular went on a record eight-week red candle streak on the weekly charts. The top coin has now climbed back into the $31,000 region. Ethereum still trades below the $2000 mark as the much-anticipated Merge draws closer.
CoinMarketCap data also shows that the total crypto market has recovered some losses. The total crypto market cap reclaimed the $1.35 trillion region.
Cardano’s latest token rise could be due to hype surrounding the Vasil Hard Fork, a major overhaul of the Cardano ecosystem geared towards driving mass adoption for ADA and improving the overall network.
Cardano Vasil Hard Fork
The Vasil Hard Fork is possibly the biggest event for the Cardano community since mid-September 2021 when the Alonzo Hard Fork went live. Core ADA developers insist that Vasil is designed to bring major upgrades to the network and incentivize broader adoption of the blockchain.
Vasil’s testnet went live on Thursday (June 2, 2022) ahead of the mainnet launch, according to reports. The Vasil mainnet is expected to roll out by the end of June 2022, barring any significant delays.
Notably, Vasil is expected to introduce pipelining technology in a bid to bolster block diffusion and optimize the network’s throughput. ADA developers expect that this new feature should allow improved scaling capabilities as well.
The hype surrounding the event could be behind ADA’s pump on Monday. According to data from CoinMarketCap, the sixth-largest token by marker cap gained the most among the top 20 coins in crypto. Wallets holding ADA also hit an all-time high of five million earlier in April 2022, as reported by EWN.