While the bearish action over the entire crypto space appears to have eased a bit, Cardano’s price chooses to remain largely unimpacted. Cardano now has reached the 9th spot after failing to flow along with the current market trend, while Polygon’s market cap is just a couple of billion away. Hence, ADA appears to be in a crucial position where-in a small drop may expel the asset out of the top 10.
However, things are expected to change in 2023, as multiple network upgrades and developments which are scheduled could have a larger impact on the ADA price ahead.
Cardano’s Voltaire Era to Begin
Cardano recently stepped into the Basho Era from Goguen which mainly focuses on scaling. However, just a few weeks from now, the network is expected to enter the next phase of its roadmap, Voltaire. This era focuses on the good governance by providing the final pieces required for the Cardano network to become a self-sustaining system.
The ADA holders may now be able to stake their tokens and participate in the governance of the network by voting on the proposals.
Furthermore, the developers have also released their blockfront-backend-Ryo v1.1.1 update. However, it is not a major upgrade but it displays the efforts put in by the developers to strengthen the ecosystem.
On the other hand, the Cardano development activity has also risen significantly after it rebounded during the last few days of November. This indicates that the network is due for constant upgrades and developments in the coming days.
Besides, the daily on-chain transaction volume also witnessed an uptick, indicating a rise in activities within the network. Presently, Cardano (ADA) price is trading at $0.3148 with a slight jump of 1.40% in the past 24 hours.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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