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Cardano, Tron and Avalanche Post Price Gains as Altcoins See Relief Rally

Mon, 07/04/2022 - 15:16
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Tomiwabold Olajide
Avalanche (AVAX) and Tron (TRX) had increases of 7.43% and 6.23%, respectively
Cardano, Tron and Avalanche Post Price Gains as Altcoins See Relief Rally
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The overall capitalization of the cryptocurrency markets increased by about 3.25% in the last 24 hours, with technical indicators showing Bitcoin's bottoming indications and the markets displaying strength at the start of the week.

The price of Bitcoin reached intraday highs of $19,858 on July 4, setting the stage for the second day in a row of rising prices. Cardano's ADA was up 4.13% to trade at $0.46 at the time of writing, a move that came amid a relief rally across the cryptocurrency markets. The deployment of the Vasil hard fork on the Cardano testnet, a network update anticipated to boost Cardano's throughput, likewise contributed to the positive sentiment.

Cardano investment products also experienced inflows during the previous week, indicating that investors may have resumed diversifying their portfolios.

The price of Ethereum (ETH) increased by almost 5% as the second week of inflows totaling nearly $5 million in the previous week ended an 11-week streak of outflows. XRP increased by 3.24%. Avalanche (AVAX) and Tron (TRX) had increases of 7.43% and 6.23%, respectively.

Meme cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) both experienced increases, climbing by 3.74% and 3%, respectively.

Metaverse token prices also increased, with Decentraland's MANA gaining 7.70%, while The Sandbox's SAND rose 12.35%.

Cardano’s Vasil hard fork arrives on testnet

On July 3, Cardano's IOG announced that it had successfully hard forked the Cardano Testnet, which was a significant step toward the Vasil update on the mainnet.

The Vasil Hard Fork remains the most awaited update for Cardano (ADA), and it is projected to include four Cardano Improvement Proposals (CIPs): CIP-31, CIP-32, CIP-33 and CIP-40.

As reported by U.Today, the changes will primarily rethink data processes on Cardano (ADA) to make it more resource-optimized and developer-friendly. The updates will also accelerate the development of Plutus, a programming language explicitly designed for Cardano.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.