Key Cardano Upgrade Boosts ADA Price

Last Updated: 17 March 2023

Cardano (ADA) has seen a significant surge in price following the launch of a crucial upgrade to its network. The Cardano Node version 1.35.6 update brings dynamic P2P functionality to the Cardano Node, promising increased resilience to the network. The upgrade, which mainly relates to P2P support, was launched on the mainnet on March 16.

Upgrade Details

The Cardano Node version 1.35.6 release adds P2P support without the need for development network protocols when EnableP2P is set to ‘true.’ Legacy topology is still supported as a parallel mode of operation. This release is based on the ‘release/1.35’ branch and contains no changes unrelated to P2P.

ADA Price Increase

Following the upgrade, the price of ADA coin rose significantly, standing at $0.3439 at press time. This marks an increase of 4.37% on the day and 10.71% across the previous week, reversing the 11.30% losses on its monthly chart, according to data retrieved on March 17. The recent price surge supports the bullish predictions of the crypto community, projecting that ADA would be trading at $0.3861 by the end of March 2023.

Price Predictions

However, machine learning-based algorithms on the crypto price tracking and forecast platform, PricePredictions, are relatively bearish, predicting the price of Cardano to reach $0.342076 by March 31. Nonetheless, the current prediction is more optimistic than the one reported on March 8, which had set the ADA price at $0.3022.

Resilience in a Financial Crisis

Despite the widespread financial crisis caused by the collapse of large banks, the cryptocurrency market has shown remarkable resilience. Cardano’s recent upgrade and subsequent price surge demonstrate the strength of the cryptocurrency market and the potential for digital assets to remain robust in times of economic instability.

Cardano’s upgrade brings increased resilience to its network, offering investors a promising outlook for the future. As whales and institutional investors continue to engage with ADA, it seems likely that the cryptocurrency’s price will remain strong and continue to surge in the coming months.

As the crypto market continues to evolve, the importance of reliable and resilient networks like Cardano will become increasingly apparent. The launch of the Cardano Node version 1.35.6 upgrade is a significant milestone for the network, offering investors increased confidence in the cryptocurrency’s potential.

While predictions about cryptocurrency prices are always subject to change, the recent surge in ADA price following the upgrade launch suggests that investors remain bullish about Cardano’s prospects. As the market continues to mature and stabilize, it seems likely that cryptocurrencies like ADA will continue to play an increasingly important role in the global financial system.

Investors who want to take advantage of the recent surge in ADA price and the potential of the Cardano network may consider investing in cryptocurrencies through trusted and regulated platforms like Bitcoin Digital or Bitcode AI. As the market continues to evolve, these platforms can provide investors with the tools and support they need to navigate the fast-paced world of cryptocurrency investing.

Author
  • Ivan Brightly

    Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.

    Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.

    Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.

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