According to CryptoPotato, Cardano's ADA has experienced a 4% increase in its valuation, currently trading around $0.35. This uptick follows the announcement of the upcoming Chang Hard Fork upgrade. Despite this recent positive trend, the majority of ADA holders remain at a loss, with only 22% currently in profit, highlighting the challenges the cryptocurrency has faced recently.
The broader cryptocurrency market has seen a downturn in the past several hours, erasing much of the gains recorded on August 20. Bitcoin (BTC) dropped below $60,000, and Ethereum (ETH) fell under $2,600. However, Cardano's ADA has managed to chart some increases, standing out among leading cryptocurrencies. The token's price increase is attributed to an important announcement from the Cardano team. Tim Harrison, EVP of Community and Ecosystem Communications at Input Output, stated that the Chang Hard Fork upgrade is expected to go live on the mainnet on August 27, with a final decision scheduled for August 23. Cardano's founder, Charles Hoskinson, also emphasized the upcoming update, indicating that the project is progressing towards full decentralization and community-driven governance.
The official announcement suggests that if the upgrade does not go live on August 27, the next appropriate window for the hard fork is September 3. The Chang Hard Fork is a significant upgrade for the Cardano blockchain, marking a step towards the Voltaire era of the team's development roadmap. This era focuses on implementing a sustainable and distributed governance framework, aiming to enhance transparency, security, and community participation.
The recent price increase has slightly improved the situation for ADA investors. According to IntoTheBlock, around 22% of all ADA holders are currently in profit, while over 75% remain underwater. This is an improvement from the start of the month when almost no investors were in the green due to a severe crash in the crypto sector, which pushed the global market cap well below $2 trillion. ADA was among the worst-affected coins, dropping to a nine-month low of $0.27.
