The Cardano price has been relatively steady in the past few days as investors reflect on the new Basho upgrade process. ADA, the native token for the ecosystem, is trading at $1.53, which is close to its highest level in December. It has jumped by about 45% from its lowest level this year, making it the best-performing top-ten cryptocurrency.
Basho era loading
Cardano is a leading blockchain project that was created by Charles Hoskinson, the co-founder of Ethereum.
For months, Cardano has been accused of being a ghost chain. A ghost chain is defined a smart contract platform that lacks developers building in its ecosystem.
Recently, however, there is clear evidence that developers have started building on Cardano. For example, this week, it has been reported that land sale in Pavia has been jumping. Pavia is a blockchain project built on Cardano. It is a metaverse platform that is similar to Decentraland and The Sandbox.
The ability for developers to build on Cardano happened because of the Goguen upgrade that happened in the third quarter of the year. This upgrade introduced the concept of smart contract, allowing developers to build all types of applications.
While the upgrade was welcome, analysts were quick to note that it happened over 5 years since Cardano was started. During this time, many smaller projects have been launched and are gaining market share. They include Solana and Binance Smart Chain.
The next phase of Cardano’s upgrade is known as Basho. The developers describe it as a period where scaling will happen. It will involve optimizing and improving the scalability and interoperability of the network. It differs from the previous eras that were mostly focused on decentralization and new functionality.
The developers noted that the core development of Basho will be the introduction of sidechains. These are new blockchains that are interoperable with the main Cardano chain. They can be used as a sharding mechanism and boosting speeds and throughput.
Another key item in the Basho era will be the introduction of parallel accounting styles. This will push it to become one of the most high-performance, resilient, and flexible platforms in the world.
Cardano price prediction
The daily chart shows that the Cardano price declined sharply after the Alonzo hard fork. That decline happened as investors sold the fact. It declined by over 65% from its highest level in 2021 to the lowest level this year.
Now, it has attempted to rebound as investors cheer the new Basho era of its development. By so doing, the coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has pointed higher. Therefore, the ADA price will likely keep rising in the near term.
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