Investors should focus on the Vasil hard fork from Cardano, which is the other significant technological advancement for the cryptocurrency sector now that The Merge from Ethereum has been done (CRYPTO: ADA).
Even though this event, which occurred on September 22, wasn't nearly as anticipated as The Merge, it nevertheless has significant ramifications for the eighth-largest cryptocurrency in the world by market capitalization.
Cardano has never had the same type of moonshot attitude as other cryptocurrencies, which is why crypto investors are growing frustrated with it. What else could potentially change the situation if this significant update for Cardano.
One of the most reliable blockchain projects in the world, Cardano has released updates gradually, but just take a look at its current pricing. It is currently trading at $0.46, however it dropped after the Vasil upgrade was complete. Investors obviously don't have high hopes for Cardano.
There are two perspectives to take into account when examining the Vasil hard fork. If you're a Cardano sceptic, all the claimed performance and efficiency advantages may not have really pleased you.
For instance, Cardano has always lagged behind the competition when it comes to smart contracts, so a few tweaks to the way smart contracts and decentralised apps are managed on its blockchain don't seem like a big problem.
If there is one thing to learn from The Merge, it is that significant price increases are not usually the result of technology advancements. The Merge is most likely a classic instance of "buy the rumour, sell the news," in actuality.
The price of Ethereum dropped by around 15% in the week following The Merge. It's time to return to more logical thinking about the challenges and risks that any cryptocurrency would face after a summer of "Merge mania."
However, that might potentially be advantageous. Without a doubt, the token is not overpriced. Cardano was not designed for short-term traders, but rather for the long-term investor. It has established itself as a trustworthy blockchain project during the last five years.
It currently processes more than 50,000 transactions per day and recently exceeded the 50 million transaction milestone. There are unmistakable indications that Cardano has been growing its developer community and experiencing increased growth on the blockchain as a result of previous upgrades.
If you expected Cardano's price to soar immediately, you'll be disappointed. If you're looking at the long-term future of blockchain and the capacity of crypto to revolutionise the world's financial system, that's a different story. Buying Cardano at today's prices seems once-in-a-lifetime. Cardano may double within a year.