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26 Billion ADA Stuns Cardano Bears as Price Makes Epic Reversal

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Thu, 11/07/2024 - 16:03
26 Billion ADA Stuns Cardano Bears as Price Makes Epic Reversal
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Cardano, currently the 10th biggest cryptocurrency by market cap, is on track to mark its fourth consecutive day of gains. Since it rebounded from Monday's lows of $0.33, ADA has steadily ticked higher; if today closes in green, ADA will mark its fourth day of gains.

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At the time of writing, ADA was up 4.02% in the last 24 hours to $0.40, outperforming the top 10 and reaching intraday highs of $0.402. Accompanying today's price surge is a rise in 24-hour large transaction volume, which comes in at 26.35 billion ADA, an increase from the July 9 figure of 17.4 billion ADA. Large transactions in monetary terms come in at $10.04 billion, per IntoTheBlock data.

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ADA/USD Daily Chart, Courtesy: TradingView

The ADA price is rallying alongside the broader crypto market, which rose following a decline in monthly inflation in June, offering a boost for the Federal Reserve to begin decreasing interest rates later this year.

Expectations are also rising for the Chang upgrade; Cardano has a positive history before major upgrades, with prices trending upward.

Chang upgrade approaches

The Chang upgrade will stagger the release of governance functionality, making adoption and onboarding easier for those with new or extra roles in governance, and it will be divided into two parts.

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Chang Upgrade 1 will deploy governance features to Cardano and begin the technical bootstrapping phase, as defined in CIP-1694. Chang Upgrade 2 removes CIP-1694 from the technical bootstrapping step, enabling full on-chain governance functionality, such as DRep participation and governance actions.

Earlier in the week, Node 9.0 was released, marking a significant milestone toward the activation of the Chang hard fork.

According to Intersect, following this milestone, parameters and the final genesis file will be prepared, which is required for Node 9.01. After this, SPOs will be asked to upgrade again.

Once the critical mass indicators are met, 70% SPOs and 80% exchange liquidity, Chang might be set to activate.

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