Vasil Target Date Announcement Driven ADA Token Price Sharp Last Week, But Rally Has Now Cooled
Cardano (ADA) rally has cooled down, with the coin losing nearly 1.4% over the past 24 hours.
It is currently valued at $17.1 billion, according to data from CoinMarketCap. It has recently overtaken XRP once again in terms of market capitalization.
It outperformed the broader cryptocurrency market again, gaining nearly 7% on Sunday.
Bitcoin (BTC), Ethereum (ETH) and other major altcoins are mostly flat.
Polkadot (DOT) is an outlier after gaining over 4% in the last 24 hours. It has now surpassed Dogecoin (DOGE) by market cap, which has allowed it to return to the list of the top 10 most valuable cryptocurrencies.
Rally running from Vasil foggy
ADA was gaining momentum after Input Output, the company behind the popular proof-of-stake blockchain, said the much-anticipated Vassil upgrade, scheduled for September 22, is on track.
The hard fork is expected to adapt the Plutus script, which is used for Cardano’s smart contracts. Vasil is expected to bring higher scalability and lower fees.
The upgrade was originally supposed to happen more than two months ago. However, the coin’s price remained under pressure due to multiple moratoriums.
It is worth noting that the ADA coin is still down 84% from its all-time high.
The price of the coin reached its previous all-time high last September. Following this, the token gained momentum due to the Alonzo upgrade, which eventually brought smart contracts to one of the top “Ethereum killers”.
It remains to be seen whether ADA will be able to pick up the pace by the end of the month.